MAF Properties CEO scouts for opportunities across region following Beirut launch
Dubai-based mall developer Majid Al Futtaim Properties has said it is continuing to look for expansion opportunities across the Middle East following the successful opening of its first Levant operation.
The company announced that its new flagship mall in Beirut has welcomed more than 400,000 visitors in its first two weeks of operation.
Beirut City Centre, the 60,000 sq m shopping and entertainment destination which opened its doors on April 4, is the retail developer's first mall in the Levant region, and its 12th in the Middle East and North Africa.
Peter Walichnowski, CEO, Majid Al Futtaim Properties, said: "Beirut City Centre demonstrates Majid Al Futtaim Properties ' commitment to investing in the long-term future of Lebanon.
"It also illustrates the success of our solid expansion plans across the MENA region through which we aim to double our shopping mall portfolio by 2020.
"We have a number of additional exciting developments in Lebanon and Egypt, and we continue to scout for opportunities in other regional cities."
In Lebanon, Beirut City Centre represents an investment of $350m, and is part of a wider $2bn investment plan for the country over the next 7-10 years.
In addition to more than 2,500 jobs generated by Beirut City Centre during the construction phase, the mall now supports more than 1,200 permanent job opportunities, the company said in a statement.
Beirut City Centre features over 200 stores in total including the first Marks & Spencer store along with the largest H&M. It also includes over 40 international restaurants and cafés, including a food court.
Majid Al Futtaim Properties has malls operating in the UAE, Bahrain, Oman, Egypt and Lebanon and other projects currently under development in Cairo, Egypt and Beirut, Lebanon.
The company's shopping malls saw more than 150 million visitors in 2012.