UAE-based developer and operator of shopping centres Majid Al Futtaim (MAF) Properties has announced an agreement with TECOM Investments, a wholly-owned subsidiary of Dubai Holding and real estate developer and operator of industry-focused business parks, to build a new shopping mall on 1,000,000 sqft of land located in Dubai’s International Media Production Zone (IMPZ).
The first phase – 300,000 sqft GLA – of the unnamed mall is scheduled for completion in 2015 and is expected to become a focal point for the residents of the local community as well as an attraction for businesses and employees based within IMPZ.
The mall is strategically situated in the growth corridor of Dubai near the intersection of Al Khail Road and Sheikh Mohammad Bin Zayed Road. Being connected to two of Dubai’s major highways, phase one will serve three burgeoning residential areas, Victory Heights, Jumeirah Golf Estates and Jumeirah Village, in addition to other communities such as Motor City, Sports City and Arabian Ranches.
“This shopping mall is part of the AED3 billion investment programme in Dubai that Majid Al Futtaim announced late last year. This is in line with the Dubai Government’s plans for EXPO 2020 and the government’s vision to attract more than 20 million tourists. Footfall and sales at all our shopping malls in Dubai continues to grow steadily, and we believe there is strong demand for our integrated shopping experience in local communities such as IMPZ,” says George Kostas, CEO, MAF Properties.
“This is in line with our vision to create vibrant communities across Dubai. As TECOM’s business parks are focused on the successful development of knowledge industries, we must create fully sustainable communities, with complete offerings like commercial, industrial, retail, hospitality and residential,” adds Dr Amina Al Rustamani, Group CEO of TECOM Investments.