The Middle East and North
Africa's leading shopping mall, retail and leisure pioneer, Majid Al Futtaim is
creating more than 170,000 direct and indirect job opportunities.
This is a part of a strategic
development plan, unveiled on Wednesday, that will see the company increase its
total investment in the United Arab Emirates (UAE) by Dh 30 billion by 2026,
taking its total investment in the country to Dh 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.
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
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