MAF Properties to invest $3.5bn in four new malls

Majid Al Futtaim Properties, the region's premier developer of leisure property and shopping malls, yesterday announced its plan to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon.

The four new shopping malls represent a total investment by Majid Al Futtaim Properties of $3.5 billion (Dh12.8bn) over the next five years.

Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa (Mena) region, which have a combined gross leasable area (GLA) of 800,000 sq m and which, in 2009, attracted more than 120 million visitors.

The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties' total GLA to more than 1.3 million sq m.

In the UAE, Fujairah City Centre is being developed in partnership with the government-owned Fujairah Investment Establishment. The vision of the joint venture is to create a leading shopping mall to dominate the retail landscape of Fujairah.

The 30,000 sq m of GLA development, which is due to be completed in 2011, will facilitate the shopping needs of local residents and is expected to attract visitors from Fujairah and the surrounding emirates.

In Egypt, The Mall of Egypt will be the dominant super regional mall serving the western half of the greater Cairo metropolis. The 158,400 sq m of GLA mall, which is due to be completed in 2013, will include a leisure offering.

In Syria, The Mall of Syria will be a super regional mall. The 200,000 sq m of GLA mall will be fully integrated in the Khams Shamat tourist development with access to a town square and hotels.

Beirut City Centre in Lebanon will offer more than 180 speciality stores spread across 60,000 sq m of retail space. The mall, which is due to be completed in 2013, will be anchored by a full-service Carrefour hypermarket, a multiplex cinema and a family entertainment centre.

The announcement was made on the opening day of RECon Middle East and North Africa 2010, the region's major exhibition and conference for retailers and real estate professionals in Dubai. "These four new and exciting projects will further strengthen Majid Al Futtaim Properties' leading position in the Mena region," Said Peter Walichnowski, CEO Majid Al Futtaim Properties.

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