MAF launches $22.8mn My City Centre in Sharjah
Neighbourhood retail concept aimed at serving local communities in UAE
Dubai-based Majid Al Futtaim has launched My City Centre, a new neighbourhood retail concept aimed at serving local communities across the UAE.
The inaugural centre, My City Centre, Nasseriya, Sharjah is an AED84mn ($22.8mn) investment, the company said in a statement.
Majid Al Futtaim said it plans to develop additional My City Centres across the UAE, with the aim to bring convenient shopping and lifestyle experiences to residential communities with several similar centres planned to open over the next five years.
The announcement follows Majid Al Futtaim’s new brand strategy, which unifies the company’s diverse assets through a recognised visual identity.
My City Centre is the first retail concept to launch under this new corporate identity and further builds upon Majid Al Futtaim’s ongoing expansion across UAE, including an AED1bn ($272mn) redevelopment at Mall of the Emirates, and an AED200mn ($54.4mn) expansion of Sharjah City Centre.
“My City Centre is a continuation of Majid Al Futtaim’s new brand strategy, and another milestone demonstrating the growing momentum of our expansion plans driven by new concepts, into new markets,” said Dimitri Vazelakis, executive managing director – Shopping Malls for Majid Al Futtaim - Properties.
“With My City Centre, we are reinforcing Majid Al Futtaim’s brand promise to create great moments for everyone, every day by creating a tailored product dedicated to meet the needs of residents in local communities.”
My City Centre, Nasseriya features 21 stores across 5,540m2 of retail space and is anchored by a Carrefour Market, which is complemented by a varied mix of amenities, services and lifestyle options from banking, casual dining, electronics, accessories and pharmacy.
“My City Centre, Nasseriya addresses the immediate needs of residents by offering a tailored mix of practical and lifestyle-oriented shopping options, while also acting as a social hub for the local community,” said Ali Al Hashimi, mall manager for My City Centre, Nasseriya.
Last month, Majid Al Futtaim said it will invest another AED3bn ($816.7mn) over the next five years to expand its business in Dubai, seeking to take advantage of a trade and tourism boom at its home base.
MAF, famous for building an indoor ski slope in Dubai, is expanding aggressively in the Middle East and aims to double the size of its business by 2018.
The unlisted firm said its revenue for 2013 was AED23bn, up 10% year-on-year.