Abu Dhabi: Line Investment and Property LLC has signed a contract to invest in, and operate, the Madinat Zayed Shopping Centre in the capital, and will spend Dh42 million refurbishing the mall.
According to an agreement signed today (August 7) with the emirate of Abu Dhabi’s municipal sector regulator, the Department of Municipal Affairs and Transport (DMAT), the shopping mall development and management division of Lulu Group International will invest Dh810 million over the next 10 years into the Centre.
In turn, it will receive 10 per cent of the estimated yearly revenues in as much as Dh129.8 million, a statement by the DMAT announced on Monday.
The shopping centre is one of the capital’s oldest malls, and today houses a range of outlets, including a, an Abu Dhabi Cooperative Society supermarket, a furniture retailer, and a host of smaller mobile phone, tailoring, textiles, perfumery and accessories stores.
The centre is also known for housing the Gold Centre, which is home to many gold and silver jewellers, and a relatively recent expansion saw the development of a large food court and a Lulu Hypermarket.
Located in the heart of downtown Abu Dhabi, the centre is a popular venue and caters largely to middle- and lower-income earners. It however lacks comprehensive parking options, and other facilities like restrooms and praying facilities are underdeveloped.
Under the new contract, extensive refurbishment will therefore be undertaken to spruce up the mall.
“This project is part of the Municipality’s efforts to extract the best results from ventures with strategic partners who are the backbone of the economy,” the DMAT statement said.
Line Investment currently manages five malls in the capital alone, including the wildly popular Al Wahda Mall, as well six other facilities in Al Ain, Ras Al Khaimah and the Middle East.
