Shopping mall and retail company Majid Al Futtaim has announced plans to invest Dhs 30bn ($8.1bn) in the UAE by 2026 through new projects and the expansion of its existing assets.
Under the strategy, the company plans to add malls, hotels, cinemas, restaurants, Carrefour hypermarkets and leisure destinations in the country in the coming years.
This will include 10 new shopping malls under its City Centre brand, a new landmark regional mall in Dubai as part of a mixed-use community, the first super-regional mall in Sharjah and its first mall in Abu Dhabi at Masdar city.
MAF said it iwll also undertake six expansions to its existing malls with plans to make its City Ajman and City Centre Me’aisem locations into regional-sized shopping centres.
These plans will boost the company’s total mall retail footprint from 725,000 square metres to 1.5 million square metres.
The firm’s other plans include six new hotels at sites including Mall of the Emirates, City Centre Mirdif and the planned mixed-use community, bringing its total hotel keys to 4,800.
It will also introduce new cinemas, family entertainment locations, healthcare clinics, fashion brands and food and beverage concepts, expand its consumer finance business and introduce 10 new Carrefour hypermarkets and 30 supermarkets.
“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 hundreds of thousands of additional jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations and deliver more life-changing experiences through seamless online and offline offerings,” said MAF Holding chief executive. Alain Bejjani.
MAF said the plans would take its total investment in the country to Dhs 48bn and create 170,000 direct and indirect jobs.
The company’s total footprint will increase to 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.