Dubai: Majid Al Futtaim (MAF) Properties, a unit of Dubai’s MAF Holding, is set to develop a new shopping mall in International Media Production Zone (IMPZ), according to a statement on Monday.
“We believe there is strong demand for our integrated shopping experience in local communities such as IMPZ,” said George Kostas, CEO of MAF Properties, in a statement.
The mall will be developed on a 1,000,000 square feet of land near the intersection of Al Khail Road and Shaikh Mohammad Bin Zayed Road.
With an investment of Dh275 million, phase one of the development will cover an area of 300,000 square feet. It is expected to be completed in 2015. The completion of the entire mall could take between five and 10 years, according to Kostas.
The mall is aimed at attracting employees in the IMPZ area and serve residents in Victory Heights, Jumeirah Golf Estates and Jumeirah Village, as well as Motor City, Sports City and Arabian Ranches.
The mall is part of MAF’s Dh3 billion investments on extending and enhancing its Dubai businesses over the next five years to support Expo 2020, a global exhibition that will be held in the emirate.
MAF’s plans include two new hotel developments and renovations of two existing hotels; the redevelopment of the Mall of the Emirates and Deira City Centre; the opening of four Carrefour supermarkets and two hypermarkets, as well as construction of a new 14-screen cinema complex.
MAF’s revenue rose to Dh23 billion in 2013 over 2012, while its earnings before interest, taxes, depreciation and amortisation (Ebitda) grew by 12 per cent year-on-year to Dh3.3 billion.
The company’s total assets are valued at more than Dh39 billion.