Majid Al Futtaim to invest $3.5bn in four new malls

Dubai-based retail developer Majid Al Futtaim Properties says it will invest $3.5 billion (Dh12.8bn) in the next five years in a bid to expand its retail portfolio with four new shopping malls located in the UAE, Egypt, Syria and Lebanon.

“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,” says Peter Walichnowski, CEO of Majid Al Futtaim Properties.

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 (sq m) 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 sq m.

The retail developer confirmed that one of its new projects in the UAE is the Fujairah City Centre, a 30,000-sq m shopping centre in the northern emirate of Fujairah, which is being developed in partnership with the government-backed Fujairah Investment Establishment.

Other projects in the pipeline are The Mall of Egypt in Cairo, which – at 158,400 sq m – is deemed to be a dominant super regional mall. It is set to be completed in 2013. The Mall of Syria, which is located in the Sabboura/Yaafour area 17km west of Damascus, will occupy a space of 200,000 sq m and is scheduled to be open in 2014. Majid Al Futtaim will also open the 60,000-sq m Beirut City Centre in Lebanon in 2013.