1.51 PM Sunday, 20 April 2025
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:31 05:49 12:21 15:48 18:47 20:05
20 April 2025

Tecom sells land to MAF

Published
By Reuters

Tecom Investments, a unit of Dubai Holding, has sold a piece of land to fast-growing shopping mall developer Majid Al Futtaim (MAF).

Tecom Investments sold one million square feet of land at its International Media Production Zone (iMPZ), a development that spreads across 43 million square feet.

"Majid Al Futtaim intends to use the land to develop a community shopping mall as part of the company's Dh3 billion ($816 million) investment plan for Dubai," a spokesman at MAF Properties said in a statement.

Tecom also confirmed the sale but both firms declined to give a value for the deal.

Privately-owned MAF, builder of the famous indoor ski-slope at its flagship Mall of the Emirates, said earlier this week that it would invest another Dh3 billion over the next five years in Dubai.