UAE-based malls and retail firm Majid Al Futtaim (MAF) has announced a joint venture with Abu Dhabi’s Al Jazira Sports and Cultural Club for a new Dhs1.4bn ($381m) shopping centre.
City Centre Al Jazira will be the first City Centre in the UAE capital and includes 153 retail stores, a Carrefour Hypermarket, a 15-screen VOX Cinema and Magic Plant family entertainment centre.
A clinic, fitness centre and a number of dining options will also be included across the total built-up area of 215,000sqm including 80,500sqm of leasable space.
Construction will begin in October and is expected to be completed in early 2021.
“As part of Al Jazira Club’s vision to diversify its investments, the new shopping destination is an important addition to other investment projects which ensures the sustainability and diversity of Al Jazira Club’s portfolio,” said Mohammed Haji Khouri, chairman of the joint venture.
Majid Al Futtaim is aiming to increase its total investment in the UAE by Dhs30bn to 2026 through new malls including My City Centre Masdar, City Centre Al Zahia in Sharjah and My City Centre Al Dhait in Ras Al Khaimah.
In its first half financial results, released yesterday, the company announced a 5 per cent increase in group revenue to Dhs15.8bn and 4 per cent increase in EBITDA to Dhs2bn but said it was hit by the devaluation of the Egyptian pound after opening a major mall in the country earlier this year.
The company said it would continue to expand organically and was actively assessing “potential investment opportunities with a focus on digital capabilities, technology and e-commerce”.
Last month, MAF acquired the Gulf franchise owner of the Geant supermarket chain and said it would convert the existing stores under its own Carrefour regional franchise.