Dubai: Dubai-headquartered Al-Futtaim group has signed a joint venture agreement with a tripartite consortium with Moroccan and Portuguese entities to drive the development of one of the region’s biggest super-regional retail and leisure destinations.
Al-Futtaim and Marjane Holding, Morocco’s leading developer of retail destinations and modern retail will jointly lead Zenata Commercial Project joint venture which also includes international shopping centre specialist Sonae Sierra, owner of 49 shopping centres and responsible for the management of 85 malls and Société d’Aménagement Zenata, a subsidiary of CDG group in charge of the design and land development of Zenata New City. CDG group is a public financial institution and the country’s leading domestic institutional investor.
Omar Al-Futtaim, Vice Chairman, Al-Futtaim group and Mohammad Lamrani, President of Marjane Holding signed the agreement during a ceremony held in Casablanca. Designed to span a total gross leasable area (GLA) of 120,000 square metres, the mall will spring out at the heart of the First Development Zone of Zenata Eco-city. The mall will be anchored by IKEA. By 2017, the two-level mall will comprise the 26,000 square-metre IKEA store, a 8,350 square-metre Marjane hypermarket, a 10,000 square-metre leisure and fun zone and a 3,400 square-metre cinema complex as well as a comprehensive portfolio of stores featuring apparel, cosmetics, electronics, household appliances and sports brands.
“This is a major milestone for Al-Futtaim group’s inaugural foray into Morocco’s 32 million-strong market as we continue our regional expansion drive in the African continent,” said Omar Al Futtaim, Vice President, Al-Futtaim group. “With roughly 15 per cent of the country’s total population concentrated in the immediate catchment area of this development, our investment promises to yield the right returns.”
