Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, and TECOM Investments, a wholly-owned subsidiary of Dubai Holding, and established real estate developer and operator of world class industry-focused business parks, have reached an agreement under which Majid Al Futtaim Properties will build a new shopping mall on a 1,000,000 square feet of land located in International Media Production Zone (IMPZ).
Scheduled for completion in 2015, phase one of the shopping mall is expected to become a focal point for the residents of the local community as well as an attraction for businesses and employees based within IMPZ. The mall is strategically situated in the growth corridor of Dubai near the intersection of Al Khail Road and Sheikh Mohammad Bin Zayed Road. Being connected to two of Dubai’s major highways, phase one will serve three burgeoning residential areas, Victory Heights, Jumeirah Golf Estates and Jumeirah Village, in addition to other communities such as Motor City, Sports City and Arabian Ranches.
George Kostas, CEO, Majid Al Futtaim Properties, said: “This shopping mall is part of the Dhs3bn investment programme in Dubai that Majid Al Futtaim announced late last year. This is in line with the Dubai Government’s plans for EXPO 2020 and the Leadership’s vision to attract more than 20 million tourists. Footfall and sales at all our shopping malls in Dubai continues to grow steadily, and we believe there is strong demand for our integrated shopping experience in local communities such as IMPZ.”
Commenting on the deal, Dr. Amina Al Rustamani, Group CEO of TECOM Investments, said: “I am delighted that TECOM Investments is able to cater to Majid Al Futtaim’s requirements to develop a strategically significant new shopping mall. This development will add great value to serve the needs of the growing community in and around IMPZ.
“This is in line with our vision to create vibrant communities across Dubai. As TECOM’s business parks are focused on the successful development of knowledge industries, we must create fully sustainable communities, with complete offerings like commercial, industrial, retail, hospitality and residential.
“We are keen to continue to work closely with pioneer developers such as Majid Al Futtaim to ensure that our business parks and wider offering are balanced, sustainable, and offer growth potential for all stakeholders.”
The IMPZ site is just one example of TECOM Investments’ comprehensive land offering. TECOM Investments, a wholly-owned subsidiary of Dubai Holding, is a master developer and world class operator of 11 free zone and non-free zone business parks. TECOM’s business parks such as Dubai Media City (DMC) and Dubai Internet City (DIC) include over 4,500 companies, which range from major multinationals to local start-ups and small firms.
International Media Production Zone (IMPZ), part of TECOM’s Media Cluster, is designed to accommodate companies in the publishing, printing and packaging industry value chain. IMPZ is a 43 million square feet site, covering commercial, light-industrial, residential and retail facilities. Sony, Xerox and DAMAC are just a few examples of the companies operating in IMPZ today.
Earlier in July 2013, Majid Al Futtaim announced major plans to invest Dhs3bn on extending and enhancing its Dubai businesses over the next five years. The plans include: two new hotel developments; upgrading two existing hotels; enhancements to its flagship Mall of the Emirates and Deira City Centre shopping malls; opening four new Carrefour supermarkets and two new hypermarkets; as well as building a new 14-screen cinema complex.
On behalf of TECOM Investments:
Sam Turvey, Bell Pottinger
Tel: +971 55 5597383
On behalf of Majid Al Futtaim Properties:
Tel: +971 50 1519595
Monday, March 3- 2014 @ 12:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.