Majid Al Futtaim to invest AED3 billion in Dubai
July 2, 2013 4:06 by kippreport
In a bid to support the “Dubai 2020” tourism vision, endorsed by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, Majid Al Futtaim Holding announced major plans to invest AED3 billion on extending and enhancing its Dubai businesses over the next five years.
The plans include two new hotels developments; upgrading two existing hotels; enhancements to its flagship Mall of the Emirates and Deira City Centre shopping malls; opening four new Carrefour supermarkets and two new hypermarkets; as well as building a new 14-screen cinema complex.
The company is also evaluating options for the development of a new 50-store Community Mall in a residential area of Dubai.
According to the IMF forecast, the UAE economy is expected to achieve 3.6 per cent GDP growth in 2013. Al Futtaim holding has been experiencing good ROI in 2013. “We are experiencing 11 per cent growth in the number of people visiting our Dubai malls in 2013. Average occupancy rates in our hotels achieved 81 per cent in Q1 2013,” says Iyad Malas, CEO of Majid Al Futtaim Holding.
Mall of The Emirates is undergoing extension, while its attached Kempinski Mall of The Emirates is also undergoing an upgrade. A new luxury branded hotel within Mall of The Emirates and Deira City Centre is also planned.
Moreover, The Pullman Deira City Centre hotel is undergoing a rebranding and refurbishment programme that will be completed later this year. The mall will also have new dining options, a new healthcare clinic and improved accessibility via the metro link.