UAE-based developer Manazel Real Estate has entered into a partnership with McArthur + Company to lease and manage its Capital Mall in Abu Dhabi.
McArthur, a specialised retail leasing consultancy, will manage the leasing and management aspects of Capital Mall, which is located in Mohammed Bin Zayed City, Abu Dhabi.
McArthur said it has provided services to a number of major malls in the region including Deira City Centre and Dubai Festival City in the UAE in addition to City Star Cairo in Egypt, and Mall of Qatar.
The new partnership is part of Manazel’s strategy to re-position Capital Mall as a "family entertainment value mall".
Capital Mall, in its new format will be targeted at the middle-income segment in the UAE and will offer shoppers significant choice ranging from home goods, fashion, and entertainment and F&B addition to a planned cinema and other attractions, which will increase footfall, the company said.
"This strategic initiative is in line with Manazel's retail strategy for Capital Mall to provide shoppers with high quality products at affordable prices," it added.
Manazel’s chairman Mohamed M Al Qubaisi said: "This partnership has come as a result of the a profound understanding of the real estate market and retail sector in UAE and our belief in the importance of specialisation in the sector. Capital Mall is the first of its kind in Abu Dhabi to introduce the concept of leasing to retail outlets, which will benefit investors, shop owners and shoppers on a larger scale."
Phil McArthur, founder and CEO of McArthur + Company, added: “We are delighted to sign this strategic partnership with Manazel Real Estate to support Capital Mall's short and long-term growth objectives and we are confident, that as a team, we will achieve long term growth and success for both Manazel Real Estate and Capital Mall."
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