Gulf Construction Online - Majid Al Futtaim plans $8bn expansion

UAE Focus

Majid Al Futtaim plans $8bn expansion

01 July 2016

Majid Al Futtaim, the region’s leading shopping mall, retail and leisure pioneer, has unveiled a strategic development plan that will see the company increase its total investment in the UAE by Dh30 billion ($8.16 billion) by 2026.

With the new plan which includes both new projects and the expansion of existing assets, the company’s total investment in the country will rise to Dh48 billion ($13 billion), it said.

As part of its new investment plan for the UAE, Majid Al Futtaim will develop 10 new state-of-the-art shopping malls under its powerful City Centre brand. This will include a new landmark regional mall in Dubai, as part of a 740,000-sq-m mixed-use residential, retail, hospitality, commercial and leisure community. It will also include the company’s first super-regional mall in Sharjah.

In addition, Majid Al Futtaim will take its integrated retail-tainment model to Abu Dhabi for the first time, starting with the development of a community mall in Masdar City. Majid Al Futtaim will also undertake six expansions to its existing malls, including major extensions to City Centre Ajman and City Centre Me’aisem, which will turn them into regional malls.

Combining all new developments and expansions, the company will increase the total retail space in its mall network in the UAE from 725,000 sq m to 1.5 million sq m.

Majid Al Futtaim will also expand its portfolio of world-class hotels with six new developments across sites including Mall of the Emirates, City Centre Mirdif, and its planned mixed-use community in Dubai. This will bring the company’s total number of keys operated to 4,800.

The new investment plan will also see Majid Al Futtaim introduce new cinema experiences, family entertainment centres, advanced healthcare clinics, sought-after fashion brands and innovative food and beverage concepts across the UAE.