Dubai retail giant Majid Al Futtaim create 2,000 jobs in Abu Dhabi

At least 2,000 jobs will be up for grabs in Abu Dhabi after a new shopping mall opens its doors to the public, it has been confirmed.

Dubai’s retail giant Majid Al Futtaim announced that work on its My City Centre Masdar is nearly reaching full completion and will go on stream in the second quarter of 2019.

The Dh300-million community retail development is being built at Masdar City, the UAE capital’s hub for clean tech companies. Its construction has so far created 1,500 new employment opportunities through the “build-out phase.”

According to the company, an additional 2,000 new jobs will be created after the opening of the mall.

The new retail complex will feature more than 70 stores, including a 7,000-square-metre Carrefour Hypermarket, as well as restaurants, cafes and other dining venues.It will add 18,500 gross leasable area (GLA) to Abu Dhabi’s existing retail supply, further widening the options for retail consumers.

Abu Dhabi has been drawing a lot of interest from investors looking to tap into the emirate’s growing population. As of the first quarter of 2018, the capital’s gross leasable area stood at 2.15 million square metres distributed in a mix of convenience, neighbourhood, community, regional and super-regional retail centres, according to ValuStrat.

Bin Butti International Holding had earlier announced the construction of two community markets in Abu Dhabi, one in Al Nahda and the other at Al Samha, with a total estimated cost of Dh85.5 million.

National Investment Corporation had also announced the construction of Marina Walk, an expansion of Marina Mall, that will span an area of 300,000 square metres and feature high-end retail and fine dining options.

Majid Al Futtaim, the developer of Dubai’s Mall of the Emirates and Deira City Centre, also seeks to cash in on the growing consumer base in the emirate, particularly in Masdar.

More than 600 companies and thousands of residents have already moved to the hub since its opening.

The community is set to expand further as new offices, homes and leisure facilities are currently under development.

“We expect the number of people living within the city to triple by 2020 in line with our growth plans,” said Mohamed Jaameel Al Ramahi, CEO of Masdar.

Majid Al Futtaim to create 170,000 direct jobs

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