Abu Dhabi's Madinat Zayed centre set for $11m refurb
Abu Dhabi City Municipality (ADM) and Line Investment and Property will redevelop the Madinat Zayed Shopping Centre, with ADM also set to operate the facility for 10 years
Abu Dhabi City Municipality's (ADM) Department of Municipal Affairs & Transport (DMAT) has signed a contract with Line Investment and Property for the redevelopment of the Madinat Zayed Shopping Centre.
The firm will invest in and operate the centre over a 10-year period, against a sum of $220.5m (AED810m), in addition to a 10% return on annual revenues, estimated to be worth $35.3m (AED130m).
Under the contract, "extensive improvements will be made to the interior and exterior of the centre to keep pace with the urban development in the capital", according to an ADM press statement.
The refurbishment effort is expected to cost $11.4m (AED42m).
Also referred to as the Central Market and Gold and Jewellery Market, the centre comprises, in addition to jewellery, textile, perfume, and supporting retail outlets.
ADM said the project is part of its endeavour to "extract the best results from ventures with strategic partners who are the backbone of the economy".