Retail and leisure group broke ground for Dh1.4b shopping mall next to Al Jazira sports club
Majid Al Futtaim is planning a further expansion in Abu Dhabi with one or two more shopping malls planned in future, a top executive of the retail and leisure group said in Abu Dhabi.
The group broke ground for the construction of City Centre Al Jazira on Tuesday, the new shopping mall which the company is building in a joint venture with Al Jazira Investments adjacent to Al Jazira Sports and Cultural Club in the Muroor area of Abu Dhabi. The total investment in the project stands at Dh1.4 billion.
“We are already thinking of expanding further in Abu Dhabi. We already have one or two ideas that have progressed quite well for shopping malls. We are already in the city for the last 15 years with our Carrefour business and this is not a new market for us,” said Gaith Shocair, chief executive officer for shopping malls at Majid Al Futtaim Properties. He did not provide further details.
Speaking on City Centre Al Jazira, he said this would be a successful venture for the company despite a stiff competition in the shopping malls’ segment.
“The competition is not something we take lightly. However we are confident in what we deliver to our consumers and the communities we serve. We are confident of the brand we are introducing to the city as well as the components within the development itself.”
The shopping mall with 153 retail stores, a Carrefour hypermarket, a Magic Planet family entertainment, a 15-screen Vox Cinema, a fitness centre and a host of other facilities is set to open in the first quarter of 2021, he said.
“City Centre Al Jazira will primarily serve Abu Dhabi island, the most densely populated district within the capital with 800,000 individuals but the centre’s strategic location will allow access to another half a million people,” he said.
The latest project is part of Majid Al Futtaim’s announcement made in June 2016 to increase its total investments in the UAE by Dh30 billion by 2026, taking its total investment in the country to Dh48 billion.
In addition to City Centre Al Jazira, which is Majid Al Futtaim’s first city centre mall in the capital, the company recently announced the upcoming My City Centre Masdar, a smaller product range set to open by 2019.
The funding for the project would be a combination of equity and debt, Shocair added.