Modon Signs Long-term Lease Agreement with LuLu Group International for Courtyard Mall
Modon Properties (Modon), mandated by the Government of Abu Dhabi to develop integrated tourism destinations and sustainable residential communities, has signed a long-term lease agreement with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City.
The agreement is the result of Modon’s ongoing cooperation with leading retailers as a part of its efforts to meet the needs of residents of Riyadh City and ensure the steady progress and on-schedule delivery of the Courtyard Mall.
The 25-year lease covers the rental of an area of 3,661 square metres within Riyadh City’s Courtyard Mall commercial complex for the operation of the LuLu Hypermarket chain of stores.
The development of the commercial complex in Riyadh City is in line with Modon’s objectives and the Abu Dhabi Government’s strategy of building vibrant residential communities that incorporate the highest standards of sustainability and cater to the needs of citizens and residents by offering an integrated range of community facilities.
The commercial complex extends over an area of 8,683 square metres at lot 23 within the North of Riyadh City. Upon its completion, the project is slated to include seven restaurants, 13 shops, and a supermarket. The assortment of outlets is designed to meet the needs of residents when it comes to shopping for groceries and household items, further enhancing the integrated nature of the community.
Mr. Saifee Rupawala, Chief Executive Officer of LuLu Group, said: “We are proud to launch our first ever full-fledged hypermarket in Riyadh City. It has always been our goal to make the highest quality products both affordable and accessible to shoppers in metropolitan areas as well as in residential communities, so no one needs to drive a long distance. Following the express store that we opened last year, we are delighted to make this new shop possible in partnership with Modon, in order to fulfil the growing demand for lifestyle essentials within the vicinity.”
Upon completion, the entire Riyadh City project will include 28,574 residential plots, 26,696 villas, 2,693 townhouses, four universities, 33 schools, 27 nurseries, one hospital, 33 medical clinics, 182 mosques, eight civil defence centres, 18 fuel stations, 16 government facilities, 60 social service centres and 213 commercial plots.
Riyadh City has been designed to be close to major road networks leading to and from Abu Dhabi City, as well as important urban and industrial areas. The new city is 30km from the island of Abu Dhabi, and a short distance from a range of major landmarks. Covering an area of almost 82 million square metres, equivalent to 85% of the area of Abu Dhabi island, Riyadh City is ideally situated near the UAE’s capital.