Majid Al Futtaim to open $18.6m mall in Ras Al Khaimah
New mall will be Majid Al Futtaim's first in the northern most emirate of the UAE
My City Centre Al Dhait, Majid Al Futtaim's first shopping mall in Ras Al Khaimah, is set to open 9 January, which has been developed at a budget of $16.85m (AED68.5m).The mall is located in the Al Dhait area and will consist of 30 lifestyle brands and dining options.
According to data collected by Ras Al Khaimah Tourism Development Authority and Sheikh Saud Bin Saqr Al Qasimi Foundation for Policy Research, the emirate’s population is expected to increase to 603,000 by 2025.
Ras Al Khaimah is also expecting one million visitors by the end of 2018 and 2.9 million by 2025.
In November last year, Majid Al Futtaim broke ground on its latest retail and commercial venture in Abu Dhabi, the $381m (AED1.4bn) City Centre Al Jazira is scheduled to open in 2021.
Majid Al Futtaim has expansion plans ongoing in Oman, Saudi Arabia, and Egypt, while redeveloping a number of its 21 existing retail and leisure destinations.
The company revealed last month that its total investment in Oman will reach $1.8bn (OMR705m) by 2020 with the opening of several malls, including City Centre Sohar and the $714.2m Mall of Oman, scheduled to complete by 2020.
The expansion is also part of the company’s strategy to increase its total investment in the UAE by $8.1bn (AED30bn) by 2026.