Property News · June 1, 2016

Majid Al Futtaim unveils mega plan for Dh30bn of UAE investment


Dubai-based Majid Al Futtaim Holding has unveiled plans for Dh30 billion worth of new investments in the UAE over the next ten years, which will include ten new City Centre malls, six new hotels and a new masterplanned community in Dubai.The company said at a press conference this morning that it had invested Dh18bn in the UAE over its 20-year history to date, but now plans to ramp this up over the next decade.The investments will include a new, 740,000 square metre masterplanned community in Dubai. It will be built off Mohammed Bin Zayed Road, close to the Global Village site.The 10 City Centre Malls will be built across Dubai, Sharjah and Ajman, and the company will open its first malls in Abu Dhabi – a new, My City Centre Mall concept will be built at Masdar City, and a second, larger property at a location that will be revealed in the future.Majid Al Futtaim said that it will also open a new, super-regional mall in Sharjah, on the site of its existing Al Zahia masterplanned community, and it will add extensions to existing sites, including City Centre Ajman and the recently-opened City Centre Me’aseim project. Its retail arm will also add 40 new Carrefour supermarkets, including 10 new hypermarkets within the new City Centre malls and 30 supermarkets.In total, the company said that the new projects will more than double the amount of retail space within its portfolio from 725,000 sq m to 1.5 million sq m, and create more than 170,000 direct and indirect job opportunities.Alain Bejjani, the chief executive of Majid Al Futtaim Holding, said that with investments made to date it had “contributed to Dubai and the UAE becoming among the top global tourist and retail destinations” and delivered almost 200,000 jobs.This newly-pledged investment “will take our impact to the next level,” he added.”Not only will we create thousands of additional jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations”.mfahy@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Majid Al Futtaim unveils mega plan for Dh30bn of UAE investment

You may also like...