Dubai: The first phase of Majid Al Futtaim’s (MAF) newest City Centre shopping mall in Dubai will cost Dh275 million, the company said in a statement on Sunday.
The Dubai-based retail, hospitality and leisure conglomerate announced plans to build City Centre Me’aisem, a community-focused mall, in March this year. It currently has 13 City Centre malls in the region.
“The mall’s considered retail mix will serve the immediate needs of residents and working professionals,” stated Dimitri Vazelakis, executive managing director of shopping malls at MAF Properties.
Set within an area of one million square feet, the mall will be located in the Me’aisem area of the Dubai International Media Production Zone (IMPZ), a 43 million square feet site developed by Tecom Investments. The mall will be at the intersection of Al Khail Road and Shaikh Mohamad Bin Zayed Road in IMPZ.
“Phase 2 of City Centre Me’aisem is intended to address the expected population growth in the lead up to Expo 2020, as the emerging areas of IMPZ, Victory Heights, Jumeirah Golf Estates, Jumeirah Village Triangle and Jumeirah Village Circle develop further,” Vazelakis told Gulf News in an e-mailed statement.
City Centre Me’aisem will be built by international contractor Brookfield Multiplex.
Construction of the new mall, which will be in two phases, started in March. Phase one, which is expected to be completed by the third quarter of 2015, will include 60 international outlets. The construction area will allow for planned future expansions by 2020, the company said.
City Centre Me’aisem will include fashion and lifestyle brands, a 91,903 square feet Carrefour Hypermarket, a 6,243 square feet Magic Planet, restaurants, fast-food chains, cafés, convenience stores and a medical clinic.
The company did not say how much the entire project will cost and when it is expected to be completed. However, it did say that the development is part of the company’s Dh3 billion investment to expand its Dubai operations over the next five years, which it announced last year.
Mat Green, head of research and consultancy for the UAE at real estate consultancy CBRE, expects MAF’s new mall to fill a retail gap in IMPZ.
“At the moment, there’s no significant organised retail in Dubai Sports City, IMPZ, Dubailand and Jumeirah Golf Estates,” Green told Gulf News.
He said that the mall will likely have local fashion brands, but the focus will be on convenience stores.
City Centre Me’aisem will serve the residents of Victory Heights, Jumeirah Golf Estates, Jumeirah Village Circle, Jumeirah Village Triangle, Arabian Ranches and Motor City, in addition to employees in IMPZ’s commercial zone, MAF said.
