Majid Al Futtaim to boost total investment in the United Arab ‎Emirates to AED 48 billion by 2026‎

Key Highlights:‎

• New landmark regional mall in Dubai part of a mixed-use residential, retail, hospitality, ‎commercial and leisure community ‎
• First super-regional mall in Sharjah
• Shopping malls to enter Abu Dhabi ‎
• Expansion of cinemas, leisure and entertainment, healthcare, fashion, food and beverage, ‎and consumer finance businesses across the UAE ‎
• New Carrefour hypermarkets and supermarkets
• Pioneering new digital experiences ‎
• More than 170,000 direct and indirect jobs will be created

Dubai, UAE, June 1, 2016: The Middle East and North Africa’s leading shopping mall, retail and ‎leisure pioneer, Majid Al Futtaim, has today unveiled a strategic development plan that will see ‎the company increase its total investment in the United Arab Emirates (UAE) by AED 30 ‎billion by 2026, taking its total investment in the country to AED 48 billion. The investments, ‎which reaffirm the company’s long-standing commitment to its home market, include both ‎new projects and the expansion of existing assets. The plan will create more than 170,000 ‎direct and indirect job opportunities. ‎

As part of its new investment plan for the UAE, Majid Al Futtaim will develop 10 new state-of-‎the-art shopping malls under its powerful City Centre brand. This will include a new landmark ‎regional mall in Dubai, as part of a 740,000 sqm mixed-use residential, retail, hospitality, ‎commercial and leisure community. It will also include the company’s first super-regional mall ‎in Sharjah, which will be adjacent to its existing Al Zahia master-planned community. In ‎addition, Majid Al Futtaim will take its integrated retail-tainment model to Abu Dhabi for the ‎first time, starting with the development of a community mall in Masdar City. The company’s ‎new malls will further strengthen its position as the gateway of choice for some of the world’s ‎most renowned brands to enter or expand in the UAE. ‎

In line with its strategy to keep assets fresh, relevant and best in class, Majid Al Futtaim will ‎also undertake six expansions to its existing malls, including major extensions to ‎City Centre Ajman and City Centre Me’aisem, which will turn them into regional malls. ‎Combining all new developments and expansions, the company will increase the total retail ‎space in its mall network in the UAE from 725,000 sqm to 1,500,000 sqm. Majid Al Futtaim ‎will also expand its portfolio of world-class hotels with six new developments across sites ‎including Mall of the Emirates, City Centre Mirdif, and its planned mixed-use community in ‎Dubai. This will bring the company’s total number of keys operated to 4,800.‎

The new investment plan will also see Majid Al Futtaim introduce new pioneering cinema ‎experiences, family entertainment centres, advanced healthcare clinics, sought after fashion ‎brands and innovative food and beverage concepts across the UAE. In addition, the company ‎will expand its consumer finance business and introduce ten new Carrefour hypermarkets ‎and 30 new Carrefour supermarkets, bringing the convenience of high quality produce, wide ‎variety and low prices to more people across the emirates.‎

Alain Bejjani, Chief Executive Officer at Majid Al Futtaim - Holding, said: “For more than two ‎decades, driven by our vision to create great moments for everyone, everyday, we have ‎continually transformed the face of shopping, entertainment and leisure both here in the UAE ‎and across the MENA region. In doing so, we have contributed to Dubai and the UAE ‎becoming among the top global tourist and retail destinations, enhanced the lifestyle of their ‎residents and delivered nearly 200,000 jobs. With today’s investment plan, which is closely ‎aligned to the government’s vision for the future, we will take our impact to the next level. Not ‎only will we create hundreds of thousands of additional jobs, we will support Dubai and the ‎UAE in becoming the world’s best retail-tainment destinations and deliver more life-changing ‎experiences through seamless online and offline offerings.”‎

Majid Al Futtaim remains committed to its BBB credit rating and these projects are expected ‎to be funded in line with its prudent and proactive financial management approach. They will ‎see the company’s presence in the UAE reach two master-planned communities, 19 shopping ‎malls, 16 hotels, 101 Carrefour hypermarkets and supermarkets, 28 cinemas, 38 leisure and ‎entertainment outlets, 86 fashion stores and 26 healthcare clinics upon completion.‎