UAE retail giant Majid Al Futtaim has continued its 2014 project announcement juggernaut after detailing plans for a 1 million square foot shopping mall in Dubai's International Media Production Zone (IMPZ).
The project, first flagged last year as part of a broader AED3bn ($816m) investment plan for the emirate, will be built in phases, starting with the AED275m, 300,000 sqft first phase to be finished in 2015.
MAF Properties CEO George Kostas said on Monday the development, to be located near the intersection of Al Khail Road and Sheikh Mohammad bin Zayed Road, underscored demand for "quality retail space" in Dubai.
It was also the first mall in Dubai under MAF's community centres strategy, the most recent of which was a MAF City Centre launched in Sharjah last month.
Kostas said the IMPZ mall, which is likely to also be branded as a MAF City Centre, would be anchored by a Carrefour supermarket, as well as other MAF-owned brands Magic Planet and VOX Cinema.
He said it would be "broadly convenience-based" with further stages to be developed according to demand.
Phase one will serve the three growing residential areas of Victory Heights, Jumeirah Golf Estates and Jumeirah village, in what Kostas described as a very strong catchment area with a high percentage of affluent customers.
"This shopping mall is part of the AED3bn investment programme in Dubai that Majid Al Futtaim announced late last year," he said.
TECOM investments, which is owned by Dubai
Holding, the investment vehicle owned by Dubai's ruler, sold land for the mall to MAF for an undisclosed sum. TECOM Investments Group CEO Amina Al Rustamani said the mall was in line with its vision for the area and will strengthen and amplify community services.
She added there was debate five years ago over whether to keep land allocated for a mall but she was "glad we kept it".
TECOM's portfolio of business parks, which includes Dubai Media City and Dubai Internet City, is home to more than 4,500 companies, ranging from multi-nationals to start ups.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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