Majid Al Futtaim in $8.2bn UAE investment drive
Retail developer plans 10 new City Centre malls, as part of aim to increase total UAE investments to $13bn by 2026
Majid Al Futtaim has unveiled a plan to increase its UAE investments by AED 30 billion ($8.2bn) by 2026, in a move that will see it develop 10 new City Centre malls.
More than 170,000 direct and indirect jobs will be created under the ten-year development plan, which the retail giant says will take its total investments in the country to AED 48 billion ($13bn).
The planned development of new malls will include a shopping centre built as part of a 740,000 sqm mixed-use community, including residential and leisure elements, in Dubai.
Majid Al Futtaim also plans the company’s first super-regional mall in Sharjah, and a community mall in Masdar City in Abu Dhabi.
The company said it will also undertake six expansions to its existing malls, including “major” works to City Centre Ajman and City Centre Me’aisem.
“Combining all new developments and expansions, the company will increase the total retail space in its mall network in the UAE from 725,000 sqm to 1,500,000 sqm,” Majid Al Futtaim said.
It also plans to expand its portfolio of 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 total number of hotel rooms operated by the company 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,” it added.
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim Holding, said the company had created almost 200,000 jobs in the UAE over its 20-plus years of operation.
“With today’s investment plan, which is closely aligned to the government’s vision for the future, we will take our impact to the next level,” he said in a statement.
“Not only will we create hundreds of thousands of additional jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations and deliver more life-changing experiences through seamless online and offline offerings.”
