December 29, 2014 – Mulk Holdings, a conglomerate based in the United Arab Emirate says it has signed a $40 million joint venture agreement with the Nigerian Government to develop the National Arts Theatre into a duty-free shopping centre. The project is expected to be completed by 2016.
Mulk Holdings Stake $40 m in Nigeria to Transform National Arts Theatre
Mulk Holdings will develop the edifice in partnership with the Suzanne Group of companies.
Under the deal, the interior of the National Theatre, which is vary spacious with walkways and offices will be redesigned and renovated into a modern duty-free and retail shopping mall.
“The project will convert approximately 30,000m2 of the existing space in two 15,000m2 phases,” said Kabir Yaradua, CEO of the National theatre.
According to a report published in Gulf Review, Nigeria’s Ambassador to the UAE, Mr. Bashir Yuguda said the National Theatre has been the hub of cultural activities in Nigeria since its establishment in 1976 and that the project will have a positive bearing on the landscape.
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In the report, Chairman Mulk Holdings, Mr. Shaji Ul Mulk, noted that the project is expected to be completed in 2016.
“Mulk Holdings is adopting aggressive strategies to expand its core business, involving serious investment into existing businesses and diversification into sustainable industries,” Ul Mulk added.
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