Dubai: Sharjah-based conglomerate Al Safeer Group has unveiled four huge mall projects for the UAE and Oman with an investment to the tune of Dh588 million, scheduled for completion over the next two years.
The upcoming projects in the UAE include the 850,000 square foot Safeer Mall Fujairah and the a 500,000 square foot Safeer Mall Ras Al Khaimah. By comparison, Dubai's Mall of the Emirates stretches over 730,000 square feet.
In Oman, the company has already started work on Safeer Mall Sohar, a 350,000 square foot retail complex featuring regional architectural designs.
Mahesh Kalwani, Al Safeer Group COO, said the announcements are part of the company's drive to become a leading regional player in mall retailing.
"The GCC retail real estate sector is one of the most dynamic and will be our key area of investment over the next few years," he said.
The company, which has interests in real estate, retail, furniture, manufacturing and trading, boasts Dubai's Century Mall and Safeer Mall in Ajman in its current portfolio. It began its retail operations with the Shop 'N' Save supermarket in Sharjah in 1985.
The Dh125 million Safeer Mall Ras Al Khaimah, which will open late in 2007, will have five anchor stores covering fashion wear, children's clothing, footwear, gift ideas and home furnishings, and what it claims will be the largest hypermarket in the region.
It will also include 120 open-fronted shops, 12 food and beverage outlets and Jungle Bungle, the Amazon themed amusement facility, which will be laid out over 30,000 square feet.
The company is confident the project will be a popular venue in the northern emirates.
Meanwhile in Fujairah, Al Safeer is planning to build what it hopes will become the largest mall in the emirate at a cost of Dh125 million. Set for completion in 2008, the Safeer Mall Fujairah will feature a 100,000 square foot hypermarket, along with five anchor stores, 100 open-fronted shops, 13 food and beverage outlets, and the Space City entertainment centre.
Company officials say the Dh88 million Oman project is set for a 2007 opening. It will have 75 open-fronted stores, eight food court units, a coffee shop and the Jungle Bungle entertainment centre. The Carrefour supermarket brand will be among the mall's main retailers.
The final project will see additional work to the enormous 1.2 million square foot Safeer Mall in Sharjah, which opened in February this year. Phase two of the project, expected to be completed later this year, will add another 60 stores to the mall complex and will see one floor entirely taken up by anchor store Home Mart. Total cost of the project will reach Dh250 million.
Al Safeer Group has signed up Better Homes as official leasing agents for the malls.