Majid Al Futtaim Properties to invest $3.5bn in four new shopping malls
Majid Al Futtaim Properties, the region's premier developer of leisure property and shopping malls, today announced its plan to develop four new shopping malls in the UAE, Egypt, Syria and Lebanon. The four new shopping malls represent a total investment by Majid Al Futtaim Properties of $3.5bn over the next 5 years.
Majid Al Futtaim Properties is currently operating 10 malls across the Middle East and North Africa ("MENA") region, which have a combined Gross Leasable Area ("GLA") of 800,000 square metres and which, in 2009, attracted more than 120 million visitors. The four new shopping malls are scheduled for completion by 2014 and will increase Majid Al Futtaim Properties' total GLA to more than 1.3 million square metres.
The announcement was made on the opening day of RECon Middle East & North Africa 2010, the region's major exhibition and conference for retailers and real estate professionals that runs from 2-4 May 2010 at Jumeirah Beach Hotel Convention Centre.
Peter Walichnowski, CEO Majid Al Futtaim Properties, commented:
"These four new and exciting projects will further strengthen Majid Al Futtaim Properties' leading position in the MENA region. We continue to invest through the cycle bringing long term sustainable growth for our stakeholders. We have a record for delivering on time and on budget and we believe that we offer the best retail solutions for our business partners."
Walichnowski added; "Studies show that economic growth in terms of GDP and the overall quality of life for emerging economies are linked to consumer spending and retail sales levels. Shopping malls are important infrastructure for modern living in the MENA region. Our experience has shown that not only do shopping malls drive footfall and sales for our retail partners, but also significantly contribute to the local economy of each mall. They help to enhance the value of the surrounding real estate, boost long term employment and provide significant new opportunities for small businesses."
"Our developments help increase productivity, resulting in lower costs to the consumer, increase the presence of international brands and retailers as well as attracting tourists to the region. This in turn adds long-term employment benefits as well as numerous spill over effects into different social and economic areas," he said.
