Abu Dhabi City Municipality’s (ADM) Department of Municipal Affairs and Transport (DMAT) signs a contract with Line Investment and Property for the redevelopment of a mall, Invest-Gate reports.

Under the contract, the company will redevelop Madinat Zayed Shopping Center for an estimated total cost of USD 11.4 mn, making extensive improvements to the interior and exterior of the center.

The company will invest in and operate the center over ten years, against a sum of USD 220.5 mn, in addition to a 10% return on annual revenues, estimated to be worth USD 35.3 mn. The center comprises jewellery, textile, perfume, and retail outlets.