Majid Al Futtaim announced that the company will increase total investment in UAE by AED 30 billion ($8.16 billion) by 2026, reported Trade Arabia.
The new investments will bring Al Futtaim’s investment portfolio in the country to AED 48 billion ($13 billion), according to Arabian Business.
Majid Al Futtaim’s investments will include 10 new shopping malls under the City Center brand which will include a regional mall in Dubai as part of 740,000 square meter mixed-use residential, retail, hospitality, and commercial and leisure community.
In Abu Dhabi, the firm intends to build a community mall in Masdar City and yet another shopping center in Sharajah at the company’s existing Al Zahia community.
In addition to building to new malls, firm intends to carry out expansions to its existing malls such as City Center Ajman and City Center Me’aisem. Total retail space will for Futtaim in UAE will rise to 1,500,000 square meter from 725,000 square meter.
“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,” said Alain Bejjani, CEO at Majid Al Futtaim – Holding.
“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,” Bejjani added.
With the proposed investment plans, Al Futtaim will have 19 shopping malls, 16 hotels, 101 Carrefour hypermarkets and supermarkets, 28 cinemas, 38 leisure and entertainment outlets, 86 fashion stores and 26 healthcare clinics in its UAE portfolio.