Majid Al Futtaim to boost UAE investment to AED 48bn

Dubai : The Middle East and North Africa’s leading shopping mall, retail and leisure pioneer, Majid Al Futtaim, yesterday unveiled a strategic development plan that will see the company increase its total investment in the United Arab Emirates (UAE) by AED 30 billion by 2026, taking its total investment in the country to AED 48 billion. The investments, which reaffirm the company’s long-standing commitment to its home market. The plan will create more than 170,000 direct and indirect job opportunities.

 As part of its new investment plan for the UAE, Majid Al Futtaim will develop 10 new state-of-the-art shopping malls under its powerful City Centre brand. This will include a new landmark regional mall in Dubai, as part of a 740,000 sqm mixed-use residential, retail, hospitality, commercial and leisure community. It will also include the company’s first super-regional mall in Sharjah, which will be adjacent to its existing Al Zahia master-planned community. In addition, Majid Al Futtaim will take its integrated retail-tainment model to Abu Dhabi for the first time, starting with the development of a community mall in Masdar City..

 Majid Al Futtaim will also undertake six expansions to its existing malls, including major extensions to City Centre Ajman and City Centre Me’aisem, which will turn them into regional malls. 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. It will also expand its portfolio of world-class 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 company’s total number of keys operated 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.

Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding, said, “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. Not only will we create thousands of jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations.”

 Majid Al Futtaim remains committed to its BBB credit rating and these projects are expected to be funded in line with its prudent and proactive financial management approach. They will see the company’s presence in the UAE reach two master-planned communities, 19 shopping malls, 16 hotels, 101 Carrefour hypermarkets and supermarkets, 28 cinemas, 38 leisure and entertainment outlets, 86 fashion stores and 26 healthcare clinics upon completion.