You are hereHome
Majid al-Futtaim Group to invest US$4 billion on 10 new Middle East shopping malls
Source: BI-ME , Author: BI-ME staff
Posted: Wed November 4, 2009 4:04 pm

UAE. Majid al-Futtaim Group plans to spend about US$4 billion on as many as 10 new malls as its MAF Shopping Malls unit expands in the Middle East reported Bloomberg, citing a company official. 

“It’s about US$4 billion,” Shahram Shamsaee, senior vice president of retail for MAF Shopping Malls, told Bloomberg in an interview today.

“But when you look at a project that’s three years out, it is hard to know for sure since it depends on so many factors including labor costs, raw materials, steel, cement, etc.”

MAF Shopping Malls plans to enter Syria by building two new centers in Damascus, as well as one in Beirut, Lebanon. The company will also announce a new project in Saudi Arabia, Shamsaee said, declining to provide further details.

“We are always on the lookout and doing some preliminary talks in other locations,” he said.

MAF Shopping Malls is the developer of Mall of the Emirates, the Dubai-based shopping center with an indoor ski slope, and Bahrain City Center, the country’s biggest mall.

Expansion plans for the Mall of the Emirates are on track and the new wing is set to open in September 2010, Shamsaee said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 23, 2014
UAE. Deflationary reading of data endangers risky assets; Global cues drive GCC markets; Growth scare unsettles investors; Extreme bearishness on oil may be overdone.
date:Posted: October 23, 2014
SAUDI ARABIA. The 2014 study - which outlines the top priorities that concern young Saudis - is key to helping policymakers and business leaders design initiatives targeted at improving the lives of the Kingdom's current and future generations.
date:Posted: October 22, 2014
UAE. 47% of Middle Eastern respondents indicated that they are considering a proactive shareholder engagement policy which can open and sustain a productive dialogue with investors.
dhgate