Mall of the Emirates to be expanded
Majid Al Futtaim Holdings plans upgrade as part of $800m investment
Majid Al Futtaim Holdings is set to spend over $800m (AED: 3bn) on upgrading its Mall of the Emirates and Deira City Centre malls in Dubai, as well as building a number of new hotels.
The company said that it is planning to build two new luxury hotels at Mall of the Emirates and Deira City Centre, as well as upgrading the existing Kempinski and Pullman Deira City Centre hotels.
The company said that its investment would support Dubai ruler HH Sheikh Mohammed Bin Rashid Al Maktoum's vision of growing the Emirate's tourism industry to attract 20m visitors by 2020.
It is also planning a new 50-store community mall in a "prime residential area" of Dubai, opening four new Carrefour outlets - two hypermarkets and two supermarkets - and building a new 14-screen cinema complex.
Majid Al Futtaim Holding CEO Iyad Malas said: “All the economic indicators and our own experience are telling us that the Dubai market is entering a new phase of dynamic growth and development. We are investing now to ensure that our facilities are enhanced and expanded in order to meet the future demand of our customers.
"We are experiencing 11% growth in the number of people visiting our Dubai malls in 2013. Average occupancy rates in our hotels achieved 81% in Q1 2013. There is an increasing number of major retailers wanting to open in our malls and we are witnessing a growing demand across all our businesses.”
The Mall of the Emirates extension will cost around $250m (AED: 930m) - the first phase of which is a new 50,000ft2, 30-store fashion district being created on the East Weng of the centre. It will cost $27.2m (AED: 100m) and will complete by the end of 2013.
The upgrade of the attached 393-room Kempinski will complete by the end of 2015, while a new "ultra-luxury" branded hotel with 200 rooms and restaurants is also going to be added.
The Deira City Centre mall, meanwhile, will have a new 292-room luxury hotel as well as the Pullman hotel upgrade. The mall itself is currently undergoing a refurb which will improve links the the adjacent metro station and add new dining areas, as well as a healthcare clinic.
Meanwhile, the company said that the 14-screen cinema will be attached to one of its existing Dubai malls, but did not specify the location.