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a 740,000 sqm mixed-use residential, retail, hospitality, commercial and leisure community. It
will also include the company’s
first super-regional mall in Sharjah, which will be adjacent to its
existing Al Zahia master-planned
community. In addition, Majid Al
Futtaim will take its integrated
retail-tainment model to Abu
Dhabi for the first time, starting
with the development of a community mall in Masdar City. The
company’s new malls will further
strengthen its position as the
gateway of choice for some of the
world’s most renowned brands
to enter or expand in the UAE.
In line with its strategy to keep
assets fresh, relevant and best in
class, Majid Al Futtaim will also
undertake six expansions to its
existing malls, including major
extensions to City Centre Ajman and City Centre Me’aisem,
which will turn them into regional
malls. Combining all new developments and expansions, the
company will increase the total
retail space in its mall network
in the UAE from 725,000 sqm
to 1,500,000 sqm. Majid Al Futtaim will also expand its portfolio of world-class hotels with
six new developments across
sites including Mall of the Emirates, City Centre Mirdif, and
its planned mixed-use community in Dubai. This will bring
the company’s total number
of keys operated to 4,800.
16
June 2016
The new investment plan will
also see Majid Al Futtaim introduce new pioneering cinema
experiences, family entertainment centres, advanced healthcare clinics, sought after fashion
brands and innovative food and
beverage concepts across the
UAE. In addition, the company
will expand its consumer finance
business and introduce ten new
Carrefour hypermarkets and
30 new Carrefour supermarkets, bringing the convenience
of high quality produce, wide
variety and low prices to more
people across the emirates.
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding, said: “For more than two
decades, driven by our vision to
create great moments for everyone, everyday, we have continually transformed the face of
shopping, entertainment and leisure both here in the UAE and
across the MENA region. In doing so, we have contributed to
Dubai and the UAE becoming
among the top global tourist and
retail destinations, enhanced the
lifestyle of their residents and delivered nearly 200,000 jobs. With
today’s investment plan, which
is closely aligned to the government’s vision for the future, we
will take our impact to the ne