New shopping mall to be built in International Production Media Zone
Development part of Majid Al Futtaim’s AED3 billion investment programme
March 3, 2014 3:07 by kippreport
Under an agreement between retail developer Majid Al Futtaim and TECOM Investments, a new shopping mall will be constructed on 1,000,000 square feet of land located in International Media Production Zone (IMPZ).
The project – set to be completed in 2015 – will be situated near the intersection of Al Khail Road and Sheikh Mohammed bin Zayed Road. Phase one of the mall will serve three communities in the area, namely Victory Heights, Jumeirah Golf Estates and Jumeirah Village, in addition to Motor City, Sports City and Arabian Ranches.
“This shopping mall is part of the AED3 billion investment programme in Dubai, which Majid Al Futtaim announced late last year. This is in line with the Dubai government’s plans for Expo 2020 and the leadership’s vision to attract more than 20 million tourists,” says George Kostas, CEO of Majid Al Futtaim Properties. “Footfall and sales at all of our shopping malls in
Dubai continues to grow steadily and we believe there is strong demand for our integrated shopping experience in local communities such as IMPZ.”
“As TECOM’s business parks are focused on the successful development of knowledge industries, we must create fully sustainable communities, with complete offerings such as commercial, industrial, retail, hospitality and residential [properties],” says Amina Al Rustamani, group CEO of TECOM Investments.
TECOM Investments, a wholly owned subsidiary of Dubai Holding, includes business parks, such as Dubai Media City and Dubai Internet City.
IMPZ, also part of TECOM’s Media Cluster, is designed to accommodate companies in the publishing, printing and packaging industry value chain.
In July 2013, Majid Al Futtaim announced its plans for the next five years. These include: Two new hotel 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, and building a new 14-screen cinema complex.