DWC, Majid Al Futtaim in key retail tieup
Dubai, June 14, 2008
Dubai World Central (DWC), the upcoming 140 sq km city-within-a-city in Dubai, has signed a MoU with the Majid Al Futtaim Group to help conceptualise some of DWC’s upcoming retail districts.
Majid Al Futtaim Group is a leading company in developing leisure, entertainment and shopping centres.
DWC will provide its residents and visitors at least 1.93 million sq m of retail facilities over the next decade.
The MoU was signed by Khalid bin Harib, CEO, Real Estate, Dubai World Central, and Mohammed Essa Al Sowaidi, vice president – Commercial, Majid Al Futtaim Developments, a part of the Majid Al Futtaim Group.
As part of the agreement, DWC will explore how Majid Al Futtaim Group can provide expertise and retail consultancy to DWC’s retail facilities. The group will explore new concepts for the brand new city which will be home to at least 900,000 people.
DWC’s three real estate components - DWC Residential City, DWC Commercial City and DWC Golf City - which will see its first residents move in by 2009-10, will witness a growth of 10 per cent to the emirate’s booming retail market, said a company official.
“DWC is nearly twice the size of Hong Kong island and nearly 29 per cent of the project is dedicated to real estate developments, translating into 40 sq km,” said Khalid bin Harib.
“Malls in Dubai currently see over 140 million footfalls annually. The Majid Al Futtaim Group pioneered the concepts of mega malls and hypermarket and has taken its pioneering concepts into other major cities in the Arab world increasing high value footfalls across the region.”
Of the DWC’s real estate spread, 20 per cent will translate into retail units, he pointed out.
“New Dubai is the future of Dubai and DWC will form the heart of the region’s booming economy,” said Mohammed Essa Al Sowaidi.
“The synergy we hope to develop with DWC in terms of its retail developments will be key to how tourists visiting the emirate will have a seamless shopping, leisure and entertainment experience.”
DWC provides for mid-income housing at DWC Residential City while DWC Commercial City will have a mixed-use development. DWC Golf City is being designed for premium living with all DWC residents having access to the best amenities being developed by Dubai World Central.-TradeArabia News Service
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