Construction progress on Al-Futtaim's 6ha Festival Plaza in Dubai
The mall, located within the Wasl Gate community, is due to open in December 2019
Al-Futtaim’s under-construction Festival Plaza, backed by the developer of Dubai Festival City Mall, will open in December 2019. The 6.48ha project is due to serve the upcoming Wasl Gate community in Dubai.
Substructure work is complete for the project, with superstructure work “well under way”. Leasing work has also begun for the property, with almost 80% of its retail space already secured.
VIDEO: The new face of retail
According to its listing page on ProTenders, Festival Plaza has Bauer involved as enabling works contractor, with Al Futtaim Engineering Company working as its mechanical, electrical, and plumbing contractor. Aecom is providing quantity surveying services for the project, Festival Plaza’s ProTenders profile shows.
Among the retail brands expected at Festival Plaza are hardware store Ace and Swedish furniture giant Ikea. The latter’s 3ha outlet at Festival Plaza will be Dubai’s second Ikea store, with Lulu Hypermarket also announced as the mall’s supermarket.
Additionally, 2,310 parking spaces, 120 stores, 40 cafés and restaurants, and a 500-seat food court will be developed within Festival Plaza, according to a report by Arabian Business.
Al-Futtaim Malls’ group director, Timothy Earnest, said: “We are excited to broaden our footprint to a key residential area and look forward to bringing our lifestyle expertise and successful retail mix to an even wider audience.”
Retail real estate remains a major growth avenue for developers in Dubai, where up to 150ha of retail space is due to be added over the next three years, effectively doubling its current value.
CBRE’s How Global is the Business of Retail? report, publicised this May, said Dubai is home to 62% of all global retailers. According to the study, a “massive real estate market transformation” is being spurred in the UAE as the country readies to host Expo 2020 Dubai.
During the study’s release, HE Hamad Buamim, president and chief executive officer of Dubai Chamber of Commerce and Industry, said: “Despite changing market conditions, the growth outlook for the market remains robust, supported by key factors such as rapid expansion, rising number of tourists, Expo 2020, and a significant amount of new retail space expected to come online.”