UAE retail giant to invest Dhs3bn to aid tourism boom
The expansion plan includes a Dhs930 million extension for Mall of the Emirates, including a new Dhs100 million fashion district.
The firm says the investment is aimed at helping Dubai’s vision of 20 million tourists a year by 2020.
UAE retail giant Majid Al Futtaim is to splash out Dhs3 billion on cinemas, supermarkets, malls and hotels in Dubai over the next five years.
“All the economic indicators and our own experience are telling us that the Dubai market is entering a new phase of dynamic growth and development,” said Iyad Malas, CEO of Majid Al Futtaim Holding.
Other projects include Dhs96 million on two new Carrefour hypermarkets and four new supermarkets, a new 14-screen cinema complex and improvements to existing theatres.
A 50-store ‘community mall’ will also be constructed, while luxury hotels will be built at Deira City Centre and Mall of the Emirates and the Pullman Deira City Centre and Kempinski Mall of the Emirates hotels will be refurbished.
Murray Strang, head of investment and agency at Cluttons, said the move from “such a big player” was “encouraging for the market”. He added, though, that with so many new developments in the retail sector, saturation was possible “at some point”.