Dubai-based conglomerate will develop hotels, malls to supplement the emirate’s tourism ambitions
Following a hike in its recorded revenue by 10% last year, Majid Al Futtaim, a Dubai-based conglomerate announced it will invest over $816mn (AED3bn) to expand its business in Dubai over the next five years.
In a bid to support Dubai’s tourism vision for 2020, MAF will reportedly build two new hotels and renovate two existing hotels, undertake the redevelopment of the Mall of the Emirates and Deira City Centre, open four new Carrefour supermarkets and two hypermarkets, and construct a new 14-screen cinema complex in the city.
Interestingly, the company is also ‘evaluating’ the development of a community mall in Dubai.
As per a statement, future regional growth “will be driven by regional large-scale expansion plans for our portfolios in Egypt,” said Iyad Malas, CEO of MAF Holdings, “in addition to new malls envisaged in Saudi Arabia and Oman, and residential projects in Lebanon, in addition to hypermarkets, cinemas, family entertainment centres and snow park openings.”
MAF’s total assets are valued at more than $10.6bn (AED39bn). The company has a net debt of around $1.9bn (AED7bn), the statement added.
MAF Properties had earlier announced they would undertake the expansion of Mall of the Emirates, titled ‘Evolution 2015’, to accommodate for more retail stores and dining outlets in the mall. Phase one of the expansion was expected to be completed by early-2014.