Dubai’s Majid Al Futtaim, a holding company which owns and operates shopping centers in the Middle East and North Africa, has broken ground on its latest AED 1.4 bn lifestyle destination in Abu Dhabi, Invest-Gate reports.
City Center Al Jazira will include 153 retail stores, a Carrefour Hypermarket, a Magic Planet family entertainment destination, a fitness center, as well as indoor and alfresco dining choices.
Construction of the mall is on track and forging ahead, with a contractor appointed to carry out the enabling works starting in November, the company said in a statement.
The 215,000 square meter mall is slated for opening in early 2021.
Majid Al Futtaim is building the mall under its City Center brand in a joint venture with privately owned Al Jazira Sports & Cultural Club, Abu Dhabi.
Reuters reported Ghaith Shocair, chief executive, Shopping Malls, Majid Al Futtaim, telling the press that “the financing [of the mall] will be a combination of debt and equity equally by both partners.”