Majid Al Futtaim plans $273m mall expansion
Dubai, September 10, 2013
Dubai's Majid Al Futtaim (MAF) will spend about one billion dirhams ($272.3 million) expanding one of the emirate's largest malls, which houses an indoor ski slope, in a further sign of a revival in its retail and tourism market.
Dubai is seen as a safe haven amid regional unrest that began with the Arab Spring in 2010, helping the emirate attract more visitors to its luxury shopping malls.
Dubai attracted 5.5 million tourists in the first half of 2013, a 11.1 percent increase on the year, the emirate's tourism department said in July. Its airport aims to overtake London's Heathrow as the world's biggest airport by passengers by 2020.
Mall of the Emirates will be redeveloped to include a new fashion district, luxury retail, and sports and leisure precinct, MAF, the operators of Carrefour stores in the Middle East, said in a statement.
The mall is one of the key attractions in Dubai as it houses the only indoor ski resort in the region.
It was the largest indoor ski park in the world when it was launched in 2005 and was promoted as an attraction for tourists and residents during the hot summer months in the Gulf state.
Phase one of the expansion has already begun, which is a new 100-million-dirham district dedicated to contemporary fashion, the statement said.
The mall was last expanded in 2010 to include more fashion outlets.
MAF has been on an aggressive expansion drive and bought the remaining 25 percent from Carrefour in its a Middle East joint venture in May.
The company plans to raise a $1.5 billion loan to refinance its debt, sources said last week.
Earlier this year Dubai Mall, the world largest mall owned by property developer Emaar Properties, announced plans to expand the mall by another 1 million square feet in the first phase. – Reuters
More Retail & Wholesale Stories
- Panasonic to showcase top AV solutions in Dubai
- Alhokair eyes US, UK buys; plans debut sukuk
- 20 countries back Abu Dhabi jewellery show
- SanDisk launches 128GB memory card
- Canon launches 30x zoom PowerShot
- Bin Hindi unveils new 'Twenty20' sales plan
- Nokia tops UAE mobile handsets market
- Spinneys to set up distribution centre at Kizad
- P&G wins product innovation awards
- Xerox names MEA general manager
- India's Bharti group mulls Carrefour tieup
- Etisalat opens retail shop in Dubai Mall
- Ultra wealthy to spend more on luxury goods
- Kuwait group inks JV deal with China jeweller
- MAF in deal to set up retail academy
- Samsung, UPB sign deal to supply AC systems
- Samsung showcases latest UHD monitors
- Unilever named 'employer of choice' in Saudi
- New Nokia Asha range arrives in Bahrain
- Canon launches 2 compact B&W MFPs
- MAF to build new mall in Dubai IMPZ
- Big growth seen for Mideast retail sector
- Rosette, GoExport enter partnership deal
- Samsung opens new outlet in Abu Dhabi
- Epson launches new thermal receipt printer
- Utoor Perfumes signs deal with Mezaj Arabia
- UAE group opens supermarket in Bahrain
- Marks & Spencer opens big store in Kuwait
- UAE clothing imports soar to $960m
- Samsung launches 2 wearable tech devices