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Tue 1 Nov 2016 12:11 PM

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Lulu Group to invest $545m in 3 new malls in UAE

Abu Dhabi retail giant also planning three shopping centres each in India and Saudi Arabia

Lulu Group to invest $545m in 3 new malls in UAE
Avenues Mall in Dubai Silicon Oasis. (Image: Line Investments & Property)

Abu Dhabi-based Lulu Group International will invest $545 million (AED2 billion) to develop three new malls in the UAE, according to a news report.

Mall of Umm Al Quwain will be the first to open by end-2017 followed by Avenues Mall Sharjah by end-2018 and Avenues Mall in Dubai Silicon Oasis in first quarter 2019, The National reported.

“We have done our due diligence and all our malls will be servicing the local community,” Marcello Larizza, General Manager, Line Investments & Property – Dubai, Al Ain and Northern Emirates, the shopping mall development and management arm of Lulu, said.

The company will also build three malls each in India and Saudi Arabia, the newspaper reported without giving any timeline.

Lulu is currently building India's biggest mall in Kochi.

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