MAF to spend Dh12.85b on malls in Middle East

Dubai:  Majid Al Futtaim (MAF) Properties said it will spend $3.5 billion (Dh12.85 billion) in the next five years on four new shopping malls in Syria, Lebanon, Egypt and the UAE, in a bid to tap rising demand.

The group, well known for building Mall of The Emirates, already operates ten malls across the Middle East and North Africa.

Growth

"Studies show that econ-omic growth in terms of GDP and the overall quality of life for emerging economies are linked to consumer spending and retail sales levels," said MAF Properties chief executive Peter Walichnowski in a statement yesterday.

Most Gulf Arab economies are expected to grow by single digits this year.

MAF Properties, whose parent company's retail arm has the licence to operate French retailer Carrefour's franchise in the Middle East, recently said it eyed an $817 million shopping mall and office project in Syria.

MAF has embarked on an ambitious expansion plan, hoping to double its portfolio by 2015 with 14 new projects in Saudi Arabia, Yemen, Qatar, the UAE, Egypt, Lebanon, Syria and Oman