October 9, 2011 / 10:13 AM / in 6 years

UAE's Aldar awards mall contract to Egypt's OCI unit

DUBAI (Reuters) - UAE’s Aldar Properties said on Sunday that a unit of Egypt’s Orascom Construction Industries (OCI) was given the contract to build a major retail mall on Abu Dhabi’s Yas Island.

Six Construct, which is fully owned by BESIX Group, itself a 50-50 venture between OCI and Belgian construction group Besix, was awarded the contract for Yas Mall, the developer said in a statement.

No value was given for the contract.

Aldar also said that over 40 percent of the Yas mall has already been let out to retailers.

The mall is scheduled for completion in final quarter of 2013 and will feature 235,000 square metres of retail trading area.

Shares of Aldar were up 0.9 percent on the Abu Dhabi bourse at 0900 GMT.

Aldar, which was rescued by a $5.2 billion bailout by Abu Dhabi, swung to a second quarter net profit, helped by sales and rental income.

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