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Developer Majid Al Futtaim Properties has announced plans to invest US $3.5 billion (AED12.85 billion) into four new shopping malls in the UAE, Egypt, Syria and Lebanon.
Currently operating as many 10 shopping malls in the MENA region, which attract over 120 million visitors a year, the company is extending its GLA to 1.3m2.
Having scheduled completion by 2014, the developer hopes the malls will be of strong economic value to the region, enhancing the value of surrounding real estate, boosting employment and creating a healthy trading environment for small businesses.
Majid Al Futtaim Properties CEO Peter Walichnowski said: "Studies show that economic growth in terms of GDP and the overall quality of life for emerging economies are linked to consumer spending and retail sales levels. Shopping malls are important infrastructure for modern living in the MENA region. These four new and exciting projects will further strengthen Majid Al Futtaim Properties' leading position in the MENA region. We have a record for delivering on time and on budget and we believe that we offer the best retail solutions for our business partners."
Coinciding with the opening day of RECon Middle East and North Africa 2010, the region's major retail and real estate trade show, the announcement has set the tone for a positive year ahead for retailers and real estate professionals. The exhibition runs from May 2-4, 2010 at Jumeirah Beach Hotel Convention Centre.
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