Dubai Majid Al Futtaim Properties plans to double its portfolio of shopping malls to 20 in the next five years, a top official of the company told Gulf News.
The company yesterday opened its 11th shopping mall — Fujairah City Centre — the largest retail, leisure and entertainment destination in the emirate, built at a cost of Dh400 million.
With 34,000 square metres of retail space, the mall features 105 brands including Carrefour, 85 per cent of which are new to Fujairah. Carrefour hypermarket is spread across 8,684 square metres.
"Our strategy is to double the size of our current portfolio of 11 malls to add between 10 to 12 more malls in the next five years," Peter Walichnowski, chief executive officer of Majid Al Futtaim Properties, told Gulf News.
He said an increase in the local population helped by economic growth and increased employment and the Arab Spring have helped Dubai's retail sector to grow. The company earlier reported a 20 per cent growth in revenue last year.
Good year
"We had a very good year in business in 2011 when our company recorded a 20 per cent increase in revenues. The Arab Spring has helped our business — in diverting tourist traffic to Dubai. Dubai has definitely benefited from the upheavals in Egypt, Syria and other countries that witnessed changes," he said.
"The economic growth in Dubai, coupled with increased employment and growing tourist flow is definitely helping the retail sector."
Fujairah City Centre was completed six weeks ahead of the original target opening date, with 99 per cent of its 105 retail stores and food and beverage outlets trading on the first day. More than three-quarters of Fujairah City Centre's stores are being newly introduced to the emirate, and include a mix of popular high street fashion brands and international dining choices. Integrating the concept of retail and leisure, Fujairah City Centre features a Magic Planet family entertainment centre and later this year, an 11-screen, Vox Cinemas multiplex.
"Fujairah City Centre embodies this vision and reflects the customer-centric approach and design excellence of the ‘City Centre' brand. This premium development reflects the growing residential and tourism aspirations of Fujairah, creating more than 1,200 jobs for the community, and highlighting the further customer demand for shopping and entertainment destinations in the UAE."
Landmark Group opened nine stores across a total of 79,523 square feet of leased space at the Fujairah City Centre. Vipen Sethi, CEO, Landmark Group, said: "Our brands will contribute 22 per cent of the mall area, strengthening our portfolio of outlets in the emirate. The prospects of retailing in Fujairah are promising. The increasing residential and tourism developments within the emirate will contribute to its growth making Fujairah City Centre one of the key shopping destinations for the northern emirates." The mall was inaugurated yesterday in the presence of Shaikh Mohammad Bin Hamad Bin Mohammad Al Sharqi, Crown Prince of Fujairah. Also present was Mohammad Eisa Sultan Al Suwaidi, Chairman, Fujairah City Centre Investment, among others officials.
"Today is a milestone occasion for the residents of Fujairah, and the growing number of tourists visiting the emirate," said Majid Al Fahim, Senior Manager for Fujairah City Centre. "Fujairah City Centre's offer of unique brands and premium leisure experiences is unmatched by any other mall in the emirate. In addition to being a new landmark and community hub, the mall will foster economic growth and create long-term sustainability for the wider East Coast through job creation, and commercial and tourism opportunities."
