Business | Markets

Majid Al Futtaim plans a major new mall in Abu Dhabi

Dubai developer Majid Al Futtaim is planning a major new mall in Abu Dhabi which could be as big as Dubai's Mirdiff City Centre

  • By Orlando Crowcroft, Business News Editor
  • Published: 15:06 March 26, 2012
  • Gulf News

Dubai The Dubai developer Majid Al Futtaim is planning a major new mall in Abu Dhabi which could be as big as Dubai's Mirdiff City Centre.

Chief executive officer Iyad Malas said Monday that MAF was in the process of finding land for the Abu Dhabi project, which would likely cost around Dh3 billion. He also said that the developer was looking at a shopping centre project in Riyadh.

"We would like to build them, but can we find the right land in the right location at the right price? That is the challenge," Malas said.

Speaking about Majid Al Futtaim's projects in Egypt and Bahrain - which were affected by the unrest in both countries in 2011 - Malas said that the company took a write-down of Dh250 million and Dh350 million respectively, after its Cairo mall project was delayed and capacity in its two Bahrain hotels suffered.

A total of Dh136 million went through the doors of MAF's malls in 2011, an increase of 6 per cent on 2010, buoyed by rising visitor numbers and hotel occupancy in the UAE, which made up for a drop in figures in Bahrain and Egypt, MAF said.

 

Gulf News
Retail Gold Rate
Business Editor's choice
Quick Access

  1. Markets

  2. Economy

  3. Property

  4. Aviation

Business Top Stories

  1. Dubai to tap into Africa growth

  2. Emirates to change chief of Angolan carrier

  3. 4K TVs have become affordable now, retailers say

  4. National Bank of Fujairah launches NBF Islamic

  5. Watchdog launches probe into Tesco profit error