Dubai-based mall operator Majid Al Futtaim has unveiled a new development plan that will see it increase its total investment in the UAE by AED30 billion ($8.1 billion) by 2026, taking its total investment in the country to AED48 billion.
The investments, which reaffirm the company’s long-standing commitment to its home market, include both new projects and the expansion of existing assets. The plan will create more than 170,000 direct and indirect job opportunities, it said in a statement.
As part of its new investment plan for the UAE, Majid Al Futtaim will develop 10 new shopping malls under its City Centre brand.
This will include a new landmark regional mall in Dubai, as part of a 740,000 sqm mixed-use residential, retail, hospitality, commercial and leisure community, it added.
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 said it 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.
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 sq m, the statement said.
The company added that it will also expand its portfolio of 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.
The new investment plan will also see Majid Al Futtaim introduce new 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 10 new Carrefour hypermarkets and 30 new Carrefour supermarkets.
Alain Bejjani, CEO at Majid Al Futtaim – Holding, said: “With today’s investment plan, which is closely aligned to the government’s vision for the future, we will take our impact to the next level. Not only will we create hundreds of thousands of additional jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations and deliver more life-changing experiences through seamless online and offline offerings.”
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