Business | Economy
Al Futtaim may expand Festival City retail area
Dubai Festival City, a massive mixed-used development by Al Futtaim Group, may expand its retail area to accommodate more stores.
- By Shakir Husain, Staff Reporter
- Published: 00:00 April 13, 2007
Dubai: Dubai Festival City, a massive mixed-used development by Al Futtaim Group, may expand its retail area to accommodate more stores.
One of the biggest privately funded projects in the region, Festival City has so far created 2.1 million square feet of shopping space and is home to several big retail stores.
Tom Miles, general manager of the shopping centre, told Gulf News there was scope for further retail development once major projects like hotels and residential complexes within the area were ready.
He said Al Futtaim has invested $1 billion in the retail component of Dubai Festival City since the $12-billion project's launch in 2001.
"We are looking at expanding the retail space in the second phase," Miles said, adding that the expansion will not be huge but it will accommodate more shops and restaurants.
"We are opening two to three stores every day. By the end of summer we will have 550 outlets from 223 now," he said.
Retail, dining and entertainment facilities are concentrated in and around Festival Waterfront Centre, the central part of the project. Miles expects 30 million shopping trips each year to Festival City by tourists and UAE residents.
When fully developed, Dubai Festival City will offer 2,500 hotel rooms.
The Four Seasons, Crowne Plaza, Intercontinental and W hotels are under development.
About 70,000 people will also be living in 21,000 residential units that are being developed as part of the project.
"These will be among our core customers," Miles said.
Three hundred families have already taken possession of their properties.
Al Futtaim has invested $1 billion in the retail component of Dubai Festival City.
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