Majid Al Futtaim on Tuesday announced its first real foray in to Abu Dhabi with plans for the Dh1.4 billion City Centre Al Jazira.
With construction scheduled to begin in October 2017, the statement from the Dubai-based retail and leisure developer says the project is due to be completed in early 2021.
The mall will consist of 153 retail and service stores across its 80,500 square metre total leasable area, whilst it will also include a Carrefour Hypermarket, a 15-screen Vox Cinema, a Magic Planet games centre, a medical clinic and a number of indoor and outdoor dining options.
This latest announcement is in line with the retail giant’s plans to invest Dh30 billion in the UAE by 2026.
It will be the first proper community mall in the capital for the developer, following its announcement of My City Centre Masdar in January. The My City Centre brand is a neighbourhood shopping centre concept, whilst the fully-fledged City Centre brand are large-scale, mixed-use shopping destinations with entertainment facilities included.
The new mall is a joint venture between Majid Al Futtaim and Al Jazira Sports and Cultural Club, an Abu Dhabi football club.
With a built-up area of 215,000 square metres, the mall will apparently meet the needs of approximately 1 million residents in the centre’s surrounding communities in Abu Dhabi, according to the developer’s statement.
“City Centre Al Jazira marks a significant investment from Majid Al Futtaim into the UAE capital, driven by Abu Dhabi’s growing and affluent residential market and world-class infrastructure development projects, from transportation to museums,” said Ghaith Shocair, Chief Executive Officer Shopping Malls, Majid Al Futtaim Properties, in a statement on Tuesday.
In its half year results released on Monday, Majid Al Futtaim said it saw its overall group revenue expand by 4 per cent to Dh15.7 billion, whilst its profits increased by 4 per cent to Dh2 billion over the past six months.
Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding, said in a statement: “Majid Al Futtaim continued demonstrating strength and resilience against a backdrop of regional economic challenges.”
The company has also expressed plans to continue its expansion throughout the region.
According to Majid Al Futtaim’s recent results, the properties division of the business “is progressing well on its balanced expansion plans with 13 projects across Saudi Arabia, Oman, the United Arab Emirates, Lebanon and Egypt.”
In terms of its future pipeline, the company plans to open nine new malls and shopping centres across the Gulf region, including: Mall of Oman, City Centre Sohar and My City Centre Sur in Oman; City Centre Al Zahia, My City Centre Al Dhait and My City Centre Masdar in the UAE; City Centre Almaza in Egypt; as well as City Centre Ishbiliyah and Mall of Saudi in Riyadh, Saudi Arabia.
The developer also says it is “actively” eyeing investment opportunities with a focus on “digital capabilities, technology and e-commerce. The company will also increase its focus on enabling seamless and effortless integration of its online and offline presence.”