UAE builder completes $850m Iran shopping mall

Royal Star International says new mega mall will open in Sept; will house 2,500 shops for lease
UAE builder completes $850m Iran shopping mall
An artists impression of the Fars Shopping Mall in Shiraz, Iran
By Andy Sambidge
Tue 21 Jun 2011 06:20 PM

UAE-based Royal Star International on Tuesday announced the completion of its $830m shopping mall project in Shiraz, Iran.

The Fars Shopping Complex will be the world's biggest mall in terms of the number of shops in one complex, offering 2,500 shops for lease upon its opening in September.

It will also be the world's fourth biggest mall in terms of total area with 420,000 sq m of retail space.

The development is the crown jewel in Royal Star's current project portfolio which includes more than $1.5bn in assets and equities.

The project will also house a luxury five-star hotel, an amusement park and exhibition and convention centres, the company said in a statement.

The project has been constructed on a 150,000 sq m plot of land in Sadra, Shiraz, and is currently being prepped for the official opening in September this year.

Royal Star said the mall will house a 14,000 sq m Carrefour Hypermarket; six 240-seat capacity cinemas, an indoor amusement park; a 28,800 sq m video games arcade, bowling alleys and a three-storey billiard hall. It also has parking to accommodate 5,500 cars.

Hamzah Abu Zannad, director Of operations, Royal Star, said: "Royal Star is thrilled with the launch of this world class project. Not only will this mall be the world's largest in terms of retail space but will also put Shiraz in the spotlight as one of the emerging destinations in the Middle East region."

The Burj Fars Hotel is located at one end of the mall and is scheduled for opening towards the end of 2012.

Royal Star operates in several countries in the Middle East and Eurasia, with more than 750,000 sq m delivered and a total of 5,300 retail shops currently operational within its portfolio.

It said it also has an additional 1.25 million sq m in the pipeline to be rolled out over the next two years.

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