Majid Al Futtaim, the Dubai-based shopping mall operator, has announced that it will be opening the doors of its latest City Centre retail project on September 1.
The 12th City Centre in the region, City Centre Me’aisem will tailor to the needs of its 11 surrounding communities; and offer a retail mix comprising fashion, F&B, entertainment as well as service outlets, some of which are making their debut in the Middle East.
Named after its location in the Me’aisem area of International Media Production Zone (IMPZ) in Dubai, the mall is built on 325,000 square feet, comprising 23,850 square metres of gross leasable space and is spread on a one-level mall.
The mall opening will be latest for Majid Al Futtaim which said earlier this month that group revenue rose by 7 percent year-on-year to AED13.7 billion ($3.72 billion) in the first six months of 2015.
Its preliminary and unaudited operational and financial results showed that EBITDA remained stable at AED1.8 billion, reflecting higher promotional activities, costs associated with new market entries, product mix impact and a softer market in the hospitality industry.
Occupancy across the shopping malls portfolio remained strong at 97 percent as they welcomed 85 million visitors through the period, with a 2 percent growth in footfall versus 2014 levels.
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