Sunday, May 02, 2010

Majid Al Futtaim Properties to invest USD 3.5 billion in four new shopping malls

Dubai, 02 May 2010: Majid Al Futtaim Properties, the region’s premier developer of leisure property and shopping malls, today announced its plan to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon. The four new shopping malls represent a total investment by Majid Al Futtaim Properties of US$3.5 billion over the next 5 years.
Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa (“MENA”) region, which have a combined Gross Leasable Area (“GLA”) of 800,000 square metres and which, in 2009, attracted more than 120 million visitors. The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties’ total GLA to more than 1.3 million square metres.
The announcement was made on the opening day of RECon Middle East & North Africa 2010, the region’s major exhibition and conference for retailers and real estate professionals that runs from 2-4 May 2010 at Jumeirah Beach Hotel Convention Centre.
Peter Walichnowski, CEO Majid Al Futtaim Properties commented,
“These four new and exciting projects will further strengthen Majid Al Futtaim Properties’ leading position in the MENA region. We continue to invest through the cycle bringing long term sustainable growth for our stakeholders. We have a record for delivering on time and on budget and we believe that we offer the best retail solutions for our business partners.”