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: February 6, 2016
INTERNATIONAL. PMI: The high cost of low performance shows need for stronger worldwide implementation of project, program and portfolio management.
date:Posted: February 6, 2016
UAE. S&P expects Abu Dhabi's government balance will worsen further based on the ratings agency's updated oil price assumptions; However, the emirate's large net asset position will continue to give it a considerable buffer to support the economy; Continued structural and institutional weaknesses anticipated.
date:Posted: February 5, 2016
INTERNATIONAL. "Saudi regional leadership amounts to exploitation of a window of opportunity rather than reliance on the assets and power needed to sustain it. That window of opportunity exists as long as the obvious regional powers - Iran, Turkey and Egypt - are in various degrees of disrepair."
UAE. S&P expects Abu Dhabi's government balance will worsen further based on the ratings agency's updated oil price assumptions; However, the emirate's large net asset position will continue to give it a considerable buffer to support the economy; Continued structural and institutional weaknesses anticipated.
dhgate
Monogram Ring