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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 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
date:Posted: September 1, 2014
SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
date:Posted: September 1, 2014
INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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