By Elizabeth Broomhall

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Posted inRetail

Majid Al Futtaim ‘planning major mall in Abu Dhabi’

Dubai developer said finding the right location for right price could be an issue

By Elizabeth Broomhall
MAF announced yesterday that revenues jumped 10 percent during 2011 to AED19.6bn.
MAF announced yesterday that revenues jumped 10 percent during 2011 to AED19.6bn.

Mall developer Majid Al Futtaim (MAF) plans to build a new retail centre in Abu Dhabi, Gulf News has reported.

The company behind Ski Dubai said it was eyeing plans to launch a major retail district in the UAE capital, which could be valued at AED3bn (US$820m) and would be approximately the same size as Mirdif City Centre in Dubai, the daily newspaper said.

CEO of Majid Al Futtaim Holding Iyad Malas said there was a need for a large mall close to the city centre.

But the company still needed to find the right location and price, which represented a “big challenge”, he added.

MAF announced yesterday that revenues jumped 10 percent during 2011 to AED19.6bn, and that earnings before interest, taxes, depreciation and amortization (EBITA) rose 19 per cent to AED2.8bn.

The firm declined to reveal net profit for the year, but said assets were valued at AED36.1bn.

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