Majid Al Futtaim has announced its plans to invest Dh3 billion to extend and enhance its Dubai businesses over the next five years. The plans will include two new hotels, improving two existing hotels, augmentation to its flagship Mall of the Emirates and Diera City Center shopping malls; opening four new Carrefour supermarkets and two new hypermarkets and as well as building a new 14-screen cinema complex. MAF is also evaluating options for a new 50-store community mall in a prime residential area of Dubai.
Majid Al Futtaim’s major investment program reflects the return of growth of the Dubai Market and of the UAE economy which is expected to achieve 3.6 percent GDP growth in 2013 (IMF forecast). It emphasizes the company’s major contribution to Dubai’s tourism sector, which is moving progressively reaching its target of 20 million visitors by 2020, as set by the “Dubai 2020” vision.
The Mall of Emirates, in particular is to undergo a Dh930 million extension of which a new Dh100 million fashion district is dedicated to contemporary appeal. At least 30 new fashion stores will unveil its collection of debut brands in this new retail precinct that will complement the mall’s existing offerings.
The project, to be completed by the end of 2013 involves a comprehensive re-merchandising strategy that includes integrating existing and new contemporary fashion brands. A new, ultra-luxury branded hotel with 200 rooms, multiple restaurants, sports and leisure facilities is part of its plan to be developed within the precinct of the Mall of the Emirates. The Kempinski Mall of the Emirates is undergoing a hotel upgrade programme for its 393 rooms, meeting facilities and restaurants which will due to complete in 2015.
The conglomerate has also developed plans to build a 272-room luxury branded hotel in Diera City Center. It is also undergoing a significant reinvestment and moving program, which will result in the introduction of new dining options, a new health care clinic, improved accessibility via an improved Metro link and enhancements to the Centre Court area. The Pullman Diera City Center hotel is undergoing a rebranding and refurbishment programme including its 133 luxury serviced residential apartments, expected to be completed in the later part of 2013.
For the expansion of its Carrefour franchise with the addition of two new hypermarkets and four new supermarkets, Majid Al Futtaim has devoted Dh96 million in the retails sector.