Retail and leisure firm Majid al Futtaim Properties has announced a new addition to Dubai’s flourishing retail scene – a shopping mall which is to be located in the city’s International Media Production Zone (IMPZ).
To the delight of shoppers across the UAE, the new mall is expected to extend over a surface of 1,000,000 square feet, and will be developed in partnership with TECOM, a real estate developer and operator of industry focused business parks. It will be strategically positioned near the intersection of Al Khail Road and Sheikh Mohammad Bin Zayed Road.
With an investment of AED275 million, phase one of the development will cover an area of 300,000 square feet and is expected to be completed in 2015. It will serve three residential areas – Victory Heights, Jumeirah Golf Estates and Jumeirah Village, in addition to other communities such as Motor City, Sports City and Arabian Ranches.
The completion of the entire mall is expected to take between five and 10 years.
George Kostas, CEO of Majid Al Futtaim Properties, says: “This shopping mall is part of the $16.7 million 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 of 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.”
Amina Al Rustamani, group CEO of TECOM Investments, adds: “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.”