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Majid Al Futtaim Properties to invest $3.5 billion in four new shopping malls
Middle East developer to build new malls in Egypt, Lebanon, Syria and the UAE, all for completion by 2014.
May 2, 2010 12:55 by Ben Flanagan
Dubai, 02 May 2010: Majid Al Futtaim Properties, the region’s premier developer of leisure property and shopping malls, today announced its plan to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon. The four new shopping malls represent a total investment by Majid Al Futtaim Properties of US$3.5 billion over the next 5 years.
Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa (“MENA”) region, which have a combined Gross Leasable Area (“GLA”) of 800,000 square metres and which, in 2009, attracted more than 120 million visitors. The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties’ total GLA to more than 1.3 million square metres.
The announcement was made on the opening day of RECon Middle East & North Africa 2010, the region’s major exhibition and conference for retailers and real estate professionals that runs from 2-4 May 2010 at Jumeirah Beach Hotel Convention Centre.
Peter Walichnowski, CEO Majid Al Futtaim Properties commented, “These four new and exciting projects will further strengthen Majid Al Futtaim Properties’ leading position in the MENA region. We continue to invest through the cycle bringing long term sustainable growth for our stakeholders. We have a record for delivering on time and on budget and we believe that we offer the best retail solutions for our business partners.”
Walichnowski added: “Studies show that economic growth in terms of GDP and the overall quality of life for emerging economies are linked to consumer spending and retail sales levels. Shopping malls are important infrastructure for modern living in the MENA region.
“Our experience has shown that not only do shopping malls drive footfall and sales for our retail partners, but also significantly contribute to the local economy of each mall. They help to enhance the value of the surrounding real estate, boost long term employment and provide significant new opportunities for small businesses.
“Our developments help increase productivity, resulting in lower costs to the consumer, increase the presence of international brands and retailers as well as attracting tourists to the region. This in turn adds long-term employment benefits as well as numerous spill over effects into different social and economic areas.”
About the new developments
In the UAE, Fujairah City Centre is being developed in partnership with the government-owned Fujairah Investment Establishment. The vision of the joint venture is to create a leading shopping mall to dominate the retail landscape of Fujairah. The mall will also incorporate unique leisure and hospitality concepts. The 30,000 square meters of GLA development, which is due to be completed in 2011, will facilitate the shopping needs of local residents and is expected to attract visitors from Fujairah and the surrounding Emirates.
In Egypt, The Mall of Egypt will be the dominant super regional mall serving the western half of the greater Cairo metropolis. The 158,400 square meters of GLA mall, which is due to be completed in 2013, will include a unique leisure offering to compliment the strong value, fashion and lifestyle retail precincts that characterize Majid Al Futtaim Properties’ malls. Recreations will see a ski park, 15-screen cinema, family entertainment centre and an open air plaza hosting 18 restaurants.
In Syria, The Mall of Syria will be a super regional mall, with unique offerings. The 200,000 square meters of GLA mall will be fully integrated in the Khams Shamat tourist development with access to a town square and hotels. The upcoming Khams Shamat development occupies a 1.5 million square meters site in the Sabboura/Yaafour area 17km west of Damascus and is due to be completed in 2014. Besides the mall, the development will also host hotels, business districts, apartments and other modern civic amenities. The site is located in an area identified by the Syrian government for growth especially in hospitality uses.
Beirut City Centre in Lebanon will be centrally located in Hazmieh, with convenient access from all road networks and will have a unique offer of over 180 specialty stores spread across 60,000 square meters of retail space. This mall, which is due to be completed in 2013, will be anchored by a full service Carrefour hypermarket, a multiplex cinema and a family entertainment centre. Beirut City Centre will also offer an outdoor rooftop restaurant precinct, a contemporary food court with 16 different food outlets and convenient indoor parking.