Abu Dhabi – United Arab Emirates: Al Farwaniya, the developer of Abu Dhabi’s up-and-coming entertainment, dining and leisure destination Reem Mall, has appointed Shane Eldstrom as the new Chief Executive Officer for the company. An upward move from his previous position as Chief Operating Officer for Reem Mall, Eldstrom is now charged with carrying forward the company’s strategy, corporate vision and preservation of shareholder interests. Former Chief Executive Officer Sam Sidiqi retains his position as Chairman of the Board.
With a career that spans 22 years, Eldstrom has held numerous senior and executive positions in the commercial real estate industry specialising in retail, working in organisations including Bentall Capital, Ivanhoe Cambridge, Dubai Properties and Al Ghurair Group. Eldstrom also boasts unique insight into the retail industry, having headed real estate for a retail group operating throughout the GCC.
Eldstrom was an active member of the Middle East Council of Shopping Centres (MECSC) Board of Directors since 2011 before serving as the elected President of MECSC from 2014 to 2016.
His new role will witness Eldstrom lead the development process for the more than $1 billion Reem Mall project, poised to become home to more than 450 retailers including 85 restaurants, a hypermarket, cinema, an extensive array of entertainment and edutainment anchors and the world’s largest indoor snow play park.
Reem Mall is currently under development in partnership with Kuwait-based National Real Estate Company (NREC) and United Projects for Aviation Services (UPAC).
About Reem Mall:
Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. The project will comprise around 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including the world’s largest indoor snow-play park!
About NREC:
Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the Middle East and North Africa.
Over the years, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. NREC has assets and capital of US$ 1.9 billion and manages 80 million square feet of land. Theorganisation houses subsidiaries and entities across a range of countries including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. The portfolio of projects completed or under development, includes office space, mixed use centres, industrial parks, residential communities and super-regional malls.
About UPAC:
Established in 2000, publicly listed on the Kuwait Stock Exchange, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.
