By Andy Sambidge
Majid Al Futtaim says it plans to open several My City Centre neighbourhood centres across the UAE
Dubai-based shopping mall developer Majid Al Futtaim on Monday launched a new concept aimed at serving local communities across the UAE.
The company said the My City Centre brand, a new neighbourhood retail concept, would focus on offering a "balanced mix of practical and lifestyle-oriented stores for residents in local communities".
The inaugural centre, My City Centre, Nasseriya, Sharjah is an AED84 million investment, the company said in a statement.
Majid Al Futtaim said it plans to develop additional My City Centres across the UAE, with the aim to bring convenient shopping and lifestyle experiences to residential communities with several similar centres planned to open over the next five years.
This announcement follows Majid Al Futtaim’s new brand strategy, which unifies the company’s diverse assets through a recognised visual identity.
My City Centre is the first retail concept to launch under this new corporate identity and further builds upon Majid Al Futtaim’s ongoing expansion across UAE, including an AED1 billion redevelopment at Mall of the Emirates, and an AED200 million expansion of Sharjah City Centre.
“My City Centre is a continuation of Majid Al Futtaim’s new brand strategy, and another milestone demonstrating the growing momentum of our expansion plans driven by new concepts, into new markets,” said Dimitri Vazelakis, executive managing director – Shopping Malls for Majid Al Futtaim - Properties.
“With My City Centre, we are reinforcing Majid Al Futtaim’s brand promise to create great moments for everyone, every day by creating a tailored product dedicated to meet the needs of residents in local communities.”
My City Centre, Nasseriya features 21 stores across 5,540 square metres of retail space and is anchored by a Carrefour Market, which is complemented by a varied mix of amenities, services and lifestyle options from banking, casual dining, electronics, accessories and pharmacy.
“My City Centre, Nasseriya addresses the immediate needs of residents by offering a tailored mix of practical and lifestyle-oriented shopping options, while also acting as a social hub for the local community,” said Ali Al Hashimi, Mall Manager for My City Centre, Nasseriya.
Last month, Majid Al Futtaim said it will invest another AED3 billion ($816.7 million) over the next 5 years to expand its business in Dubai, seeking to take advantage of a trade and tourism boom at its home base.
MAF, famous for building an indoor ski slope in Dubai, is expanding aggressively in the Middle East and aims to double the size of its business by 2018.
The unlisted firm said its revenue for 2013 was AED23 billion, up 10 percent year-on-year.