L Real Estate, a private equity fund sponsored by Louis Vuitton owner LVMH, world’s largest luxury group, has entered into a joint venture with The Tourism Development and Investment Company (TDIC) to develop a luxury shopping mall of 168.000 sqm on Saadiyat Island in Abu Dhabi.
It said detailed design work on the mall was about to start while construction work is scheduled to start in 2014 and to be completed by 2017 to coincide with the opening of the Abu Dhabi Guggenheim Museum. It will comprise more than 550 stores many of which would be located outdoors, and which will include luxury and fashion brands, department stores, home furnishing chains, art galleries and family entertainment venues.
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