Giant shopping Malls, hospitality and communities infrastructure operator, Majid Al Futtaim Properties (MAFP) reveals list of projects that the group will start soon in the Middle East and North African Region (MENA).
One residential project, two hotels, and seven shopping malls are some in the list that are expected to begin operation between 2014 and 2016.
The ‘Mall of Oman’ is one of the anticipated projects which has capital outlay of OMR180 million. Boasting as the Sultanate’s largest shopping mall, it will rise up on 157,000 square meters of land and will cover 350 stores with additional leisure sections. The project work is said to start this year.
The shopping mall business unit is a major factor in retail development from smaller community centers to regional shopping malls.
According to the company, they are still in the lead when it comes to shopping mall development and asset management indicated by number of customer visits last year which is over 160 million.
Majid Al Futtaim said its entire group income raised by 10 per cent annually to Dh23 billion, while its assets amounted over Dh39 billion.
Also, the company’s hospitality industry will concentrate on the development of hotels attach to shopping malls or within preferred communities or separate mid-scale and budget hotels and uses intermediary global operators for the organization of its hotels.