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13 April 2024

Tecom sells land to MAF

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.