Tamdeen Shopping Centre Development Co. begins operations

A subsidiary of Tamdeen Real Estate Company, the mission of the company is to raise the standards of retail real estate in Kuwait through the development of the finest international quality shopping malls. As specialist organization, Tamdeen SCD will focus solely on creating expertise in shopping centre development and management.

Current operations include the management and potential re-development of the highly successful Al Fanar Shopping Centre in Salmiya. The recently opened Fahaheel Waterfront Project- Al Kout Shopping Centre- together with the Al Manshar Complex will help the company develop the town centre of Fahaheel in a multi phased project called 'Madinat Al Fahaheel' (Arabic for Fahaheel City).

This town centre would become one of the largest mixed use developments in Kuwait with a footprint of over 300,000 square meters. In addition, the company will actively pursue new locations to create different types of mall formats across Kuwait. The cornerstone for each project will be to create shopping centres that become a meeting point for the community and surpass every consumer expectation.

Discussing the company's vision, Tamdeen SCD Chairman Mr. Marzouk Al Marzouk stated, 'each project that Tamdeen Shopping Centre Development undertakes would be an investment in creating world class projects working towards building a vibrant and dynamic Kuwait. Therefore our projects will not only meet the highest international standards but create new ones'.

'To achieve our objective of creating expertise and excellence, we have drawn the best human resources from our parent company, Tamdeen Real Estate. In addition we are working with the finest international and regional consultants. In the coming months, we will continue to strengthen our team, by bringing in the best available talent from different parts of the world.'

Speaking at the launch, the Managing Director of Tamdeen Shopping Centre Development, Mr. Ahmed Al Sarawi said, 'Tamdeen Shopping Centre Development will also establish the best practices in the management of shopping centres in the region. We will create our own benchmarks in line with international standards. This process is already on for all our existing properties.'

Commenting on future projects, Mr. Marzouk Al Marzouk stated that 'two new mega shopping centres are in the final stages of design development. The first is entitled '360o Kuwait' located in South Surra and will have a gross leasable area (GLA) of around 60,000 square meters. This project will start construction soon and is expected to open by late 2007. The second mega mall is named 'The Mall of Kuwait' with a massive GLA of 130,000 square meters. This is located in Sabahiya and will open its doors to the public in 2008.

Mr. Sarawi added that both projects will bring to the region new standards in design and retail mix. They will comprise an unparalleled combination of the finest of retail, food and entertainment, surpassing anything available currently in Kuwait. He added, 'in short they will be breathtaking!'

Tamdeen Shopping Centre Development is a closed shareholding company established in March 2005 with a capital of KD 30 million (USD 103 million).