New Mirdif mall 90% leased out, opens in 2010

Majid Al Futtaim Group has announced that 90 percent of its upcoming flagship project Mirdif City Centre has now been leased out to retailers and it aims to be full when it opens next year.

The mall, which will be a similar size to the Mall of the Emirates, will be home to 430 retailers and will feature eight anchor stores including Carrefour, Debenhams, Centrepoint, Borders, Home Centre and E Max.

Project chiefs aim to have 98 percent of the $708m shopping centre leased by July.

Richard Reid, senior vice president, Development, Majid Al Futtaim Properties said: “If you look at the strategic location we occupy in the north east corridor, we are connected to two major highways – Emirates Road and Tripoli street. Our primary trade area is expected to grow to over 700,000 when we open in the first quarter of 2010.”

The centre will offer parking facilities for 7,000 vehicles spread over three decks on three sides of the mall.

Mirdif City Centre will also include dedicated community areas, medical clinics, spa, personal grooming facilities, fitness centre and more than 20,000 square metres of leisure concepts including a special children’s ‘edutainment’ centre, an indoor ‘iFly’ sky diving experience, a 12-lane bowling alley, and a 10 screen state-of-the-art multiplex cinema.

“The fact that the Majid Al Futtaim Group is continuing with this massive development in the current economic situation is a sign of the Group’s commitment to retail, leisure and entertainment in Dubai."

Separately, Badr Al-Islami, the Islamic Banking Division of Mashreq, and Standard Chartered Saadiq along with Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Ajman Bank and Arab African International Bank have arranged a $347m Islamic Finance Facility for Al Ghurair Centre.

Mashreq and Standard Chartered Bank were the Bookrunners on the deal which will be used to finance the expansion of the retail, commercial and residential complex in Dubai.

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