Business | Economy
MAF to build Dh2.6 billion mega-mall in Dubai
MAF Shopping Malls LLC, the manager and developer of Dubai's Mall of the Emirates, yesterday said it will build a Dh2.6 billion mega-mall in Dubai.
- By Robert Ditcham, Staff Reporter
- Published: 00:00 May 1, 2007
- Image Credit: Press Release
- With more than 180,000 square metres of shopping space, Mirdif City Centre will offer roughly the same gross leasable area as Mall of the Emirates. It is located on Emirates Road and Tripoli Street in Dubai's eastern region.
Dubai: MAF Shopping Malls LLC, the manager and developer of Dubai's Mall of the Emirates, yesterday said it will build a Dh2.6 billion mega-mall in Dubai.
With more than 180,000 square metres of shopping space, Mirdif City Centre (MCC) will offer roughly the same gross leasable area (GLA) as Mall of the Emirates - the largest mall outside North America and the first with an attached indoor ski slope.
Located on Emirates Road and Tripoli Street in Dubai's eastern region, MCC is expected to open in late 2009.
The facility will include 7,000 car parking spaces and 430 retail outlets, including Carrefour - the world's second largest retailer.
Graham Drevermen, CEO, MAF Shopping Malls, said the two-storey mall will attract an expected footfall of 18-20 million per year, compared to approximately 21 million in Deira City Centre and 25 million in Mall of the Emirates - two of the company's current seven operational malls.
"By 2010, the population of [MCC's] primary and secondary trade area is estimated to grow to over 530,000 with an anticipated 15.6 per cent per annum growth rate and a corresponding retail spend forecasted at over Dh9 billion," he said.
Tender soon
The mall's primary trade area embraces Mirdif, Al Warqaa, Al Khawaneej, Nad Al Hamar, Al Muhaisanah, Al Maher and Rashidiya areas - a zone with minor over-lapping from competing malls, said MAF officials, who claimed the mall will achieve a market share in excess of 25 per cent in its primary trade area.
Approximately 60 per cent of the mall's leasable space has already been committed to a small number of major stores, including a 16,000 square metre Carrefour hypermarket - one of eight planned "anchor" stores, said Shahram Shamsaee, senior vice-president, leasing, MAF Shopping Malls.
Food courts
Tenants have yet to be confirmed for approximately 320 outlets, with 30-40 of the total store count being set aside for brands new to the UAE, he added.
The mall will feature more than 60 restaurants and cafes within two food courts and restaurant precincts as well as an entertainments zone and a 14-screen multiplex cinema.
Drevermen said building work is scheduled to start in July.
The project's anticipated total Dh2.6 billion development cost is "substantially higher" than that for Mall of the Emirates (not including the Ski Dubai), due to hikes in construction material costs, he said.
A tender for the construction contract will be issued this month. Project architects are RTKL UK and Holfords Associates, Dubai.
MAF plans 30 shopping malls
Dubai: MAF Shopping Malls will boast a portfolio of at least 30 shopping malls throughout the Middle East by 2015 compared to its current seven centres, which offer a combined 500,000 square metres of GLA.
Company officials say 20-25 per cent of its new malls will be in city locations in Saudi Arabia - currently an untapped market for MAF.
"We think there is potential for us to build somewhere around 8-10 malls in Saudi, which is in line with Carrefour's expansion strategy," said Graham Drevermen, CEO, MAF Shopping Malls.
Drevermen said the company is considering a foray into Iran, but remains concerned over high land prices in Tehran.
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