Dubai World Central (DWC), the 140 square kilometre city-within-a-city, has signed a Memorandum of Understanding (MoU) with the Majid Al Futtaim Group, a leading company in developing leisure, entertainment and shopping centres.
DWC will provide its residents and visitors at least 1.93 million square metres of retail facilities over the next decade. The MoU was signed by Khalid bin Harib, CEO, Real Estate, Dubai World Central, and Mohammed Essa Al Sowaidi, Vice President – Commercial, Majid Al Futtaim Developments, a part of the Majid Al Futtaim Group.
As part of the agreement, DWC will explore how Majid Al Futtaim Group can provide expertise and retail consultancy to DWC's retail facilities. The Group will explore new concepts for the brand new city which will be home to at least 900,000 people. DWC's three real estate components, DWC Residential City, DWC Commercial City and DWC Golf City, which will see its first residents move in by 2009-10, will see a growth of 10 per cent to the emirate's booming retail market.
"DWC is nearly twice the size of Hong Kong island and nearly 29 per cent of the project is dedicated to real estate developments, translating into 40 square kilometres," said Khalid bin Harib.
"Malls in Dubai currently see over 140 million footfalls annually. The Majid Al Futtaim Group pioneered the concepts of mega malls and hypermarket and has taken its pioneering concepts into other major cities in the Arab world increasing high value footfalls across the region."
Of DWC's real estate spread, 20 per cent will translate into retail units.
"New Dubai is the future of Dubai and DWC will form the heart of the region's booming economy," said Mohammed Essa Al Sowaidi. "The synergy we hope to develop with DWC in terms of its retail developments will be key to how tourists
visiting the emirate will have a seamless shopping, leisure and entertainment experience." DWC provides for mid-income housing at its Residential City while DWC Commercial City will have a mixed-use development.
Its Golf City is being designed for premium living with all residents having access to the best amenities being developed by Dubai World Central.
29%: of DWC is dedicated to real estate developments