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: September 20, 2017
UAE. The latest BNC Network report shows 543 hospitality projects are active in the UAE - reflecting the vibrancy of the leisure, tourism and the entertainment sectors.
date:Posted: September 18, 2017
SAUDI ARABIA. A new report by executive search firm Metin Mitchell & Co highlights the confidence that Saudi women feel about their working futures and what needs to be done to increase the number of women in the workplace.
date:Posted: September 15, 2017
UAE. First of its kind study in the MENA region reveals why we are emotionally drawn to certain destinations and environments; Visible everyday human activity, greenery, artistic features and bright colours found to be the most powerful drivers of emotional engagement.
dhgate