Dubai: Mall developer Majid Al Futtaim is set to begin in October the construction of a mega shopping centre in Abu Dhabi.
To be called City Centre Al Jazira, the complex will cost Dh1.4 billion to build and will not be just any other shopping centre.
The retail conglomerate behind Mall of the Emirates, Carrefour and a number of commercial establishments is partnering with Al Jazira Sports and Cultural Club to make the latest project the next lifestyle destination in the UAE capital.
The first-ever City Centre mall is a large-scale , mixed-use development that will have 153 retail stores, a Carrefour Hypermarket, Magic Planet and a 15-screen VOX Cinemas. It will have a City Centre Clinic, a fitness centre and a number of indoor and alfresco dining choices.
With a total built-up area of 215,000 square metres, the project will have a wider scale compared to the neighbourhood My City Centre.
Majid Al Futtaim’s announcement on Tuesday marks the company’s latest investment into Abu Dhabi’s retail and entertainment scene. It is part of a wider plan to pump Dh30 billion in investments by 2026, taking its total investment in the country to Dh48 billion.
The new mall in Abu Dhabi is scheduled for completion in early 2021.
“The Al Jazira Sports and Cultural Club is a renowned and long-time established institution that believes in empowering and developing communities. By joining forces with Majid Al Futtaim, we are thrilled by the opportunity to play a role in the creation of a new lifestyle destination that will bring people together in the heart of the capital, Abu Dhabi,” said Saeed Mohammed bin Batti Al Qubaisi, Chairman of Al Jazira for Investment at Al Jazira Sports and Cultural Club
The retail conglomerate announced on Monday that its earnings rose by 4 per cent to Dh15.7 billion during the first six months of the year.
The company has been on an investment spree, acquiring Geant supermarkets and announcing new real estate developments recently.
Majid Al Futtaim had earlier announced new malls including My City Centre Masdar, also located in Abu Dhabi, which is set to open by the end of 2018, as well as City Centre Al Zahia in Sharjah, and My City Centre Al Dhait in Ras Al Khaimah.