Dubai: The developer of Dubai’s Mall of the Emirates will be expanding its footprint in the UAE with the construction of a new mall in Ras Al Khaimah this month.
Majid Al Futtaim, which has 21 shopping malls and three hotels in its portfolio, announced on Sunday its new community mall project that is expected to cost Dh68.5 million.
The new shopping complex will have 5,494 square metres of gross leasable area, including a 1,178 Carrefour market, and will be home to 30 retail stores.
It will rise in a strategic location between two residential communities in the north and southwest of Al Dhait in Ras Al Khaimah.
Ras Al Khaimah is increasingly becoming a favourite destination for domestic and international tourists. The government is targeting one million visitors by 2018 and three million by 2025. The huge tourism push is apparently paying off, with visitor numbers growing by 7.2 per cent year-on-year.
Work on the new mall will kick off this month and is expected to be completed early next year.
Majid Al Futtaim also has plans to widen its market share in Oman, Saudi Arabia and Egypt. It plans to redevelop a number of its 21 existing retail and leisure projects.
