Shopping mall operator Majid Al Futtaim has revealed plans to invest $8.1 billion (AED30 billion) in the UAE by 2026, bringing its investment in the country to $13 billion (AED48 billion).
New projects include 10 shopping malls under the City Centre brand. One will be located in Dubai as part of a 740,000 sq m residential, retail, hospitality, commercial and leisure community, while another will be in Sharjah at the company’s existing Al Zahia community (pictured).
The firm is also planning to build a community mall in Masdar City in Abu Dhabi and will carry out six expansions to its existing malls such as City Centre Ajman and City Centre Me’aisem.
The plan includes six hotels in malls such as Mall of the Emirates and City Centre Mirdif, bringing its total number of keys to 4,800.
It will increase the firm’s total retail space in the UAE from 725,000 sq m to 1,500,000 sq m.
The company will also open ten Carrefour hypermarkets and 30 Carrefour supermarkets in the UAE.
“With today’s investment plan, which is closely aligned to the government’s vision for the future, we will take our impact to the next level,” said Alain Bejjani, CEO at Majid Al Futtaim – Holding.
“Not only will we create hundreds of thousands of additional jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations and deliver more life-changing experiences through seamless online and offline offerings,”
The plan is expected to provide more than 170,000 direct and indirect job opportunities, according to Bejjani.