Majid Al Futtaim to triple UAE investments
Majid Al Futtaim has unveiled a strategic development plan that will see the company increase its total investment in the United Arab Emirates (UAE) by AED 30bn ($8.16bn) by 2026, taking its total investment in the country to AED 48bn.
The investments, which reaffirm the company’s long-standing commitment to its home market, include both new projects and the expansion of existing assets.
As part of its new investment plan for the UAE, Majid Al Futtaim will develop 10 new state-of-the-art shopping malls under its City Centre brand.
This will include a new landmark regional mall in Dubai, as part of a 740,000 sqm mixed-use residential, retail, hospitality, commercial and leisure community.
It will also include the company’s first super-regional mall in Sharjah, which will be adjacent to its existing Al Zahia master-planned community.
In addition, Majid Al Futtaim will take its model to Abu Dhabi for the first time, starting with the development of a community mall in Masdar City.
The company will also undertake six expansions to its existing malls, including major extensions to City Centre Ajman and City Centre Me’aisem, which will turn them into regional malls.
Majid Al Futtaim will also expand its portfolio of world-class hotels with six new developments across sites including Mall of the Emirates, City Centre Mirdif, and its planned mixed-use community in Dubai. This will bring the company’s total number of keys operated to 4,800.
The new investment plan will also see Majid Al Futtaim introduce new pioneering cinema experiences, family entertainment centres, advanced healthcare clinics, sought after fashion brands and innovative food and beverage concepts across the UAE.
In addition, the company will expand its consumer finance business and introduce ten new Carrefour hypermarkets and 30 new Carrefour supermarkets, bringing the convenience of high quality produce, wide variety and low prices to more people across the emirates.
