UAE-based multinational conglomerate Mulk Holdings is entering into global retail segment by investing $40 million in developing a landmark Duty Free shopping centre in Lagos, Nigeria. The company has signed a contract with global retailer Suzanne Group for developing the Duty Free shopping centre at the National Theatre of Nigeria. The agreement will give rights to both parties to establish a global Duty Free shopping destination in the National Theatre.
HE Edem Duke Minister of Tourism in Nigeria; HE Alhaji Bashir Yuguda, ambassador of Nigeria to the UAE; Nawab Shaji Ul Mulk, chairman of Mulk Holdings; Arif Hafiz, managing director of Suzanne Group; and Kabir Yaradua, CEO of National Theatre were present at the signing ceremony held recently at the Embassy of Nigeria in Abu Dhabi.
“We are extremely happy to partner with Suzanne Group to develop the landmark shopping mall project, which is estimated to complete in the year 2016. Mulk Holdings is adopting aggressive strategies to expand its core business, while diversifying into other sectors such as retail, commodities, healthcare and energy solutions. Our vision 2020 is an ambitious initiative, which involves serious investment into both our existing businesses and diversification into sustainable industries,” reveals Shaji Ul Mulk, chairman of Mulk Holdings.
Adding more Arif Hafiz, managing director of Suzanne Group, says, “We are proud to sign this milestone contract with Mulk Holdings, which is one of the major global business groups in the UAE. The Duty Free project aims to promote tourism by attracting foreign tourists and Nigerians as well to buy global brands and quality products manufactured in Africa. The project will give foreign tourists an opportunity to experience the goodness and variety of Nigerian market and to make Nigeria the most attractive duty free shopping destination.”
“The interior of the National theatre will be designed, renovated and converted to a grand modern international Duty Free and retail shopping mall. The project is to convert approximately 322,917 sqft of the existing space in the National Theatre into Duty Free and retail shopping mall with all state-of-the-art facilities for the Nigerian and international shoppers. The total project will be developed in two phases. Both phases will involve 161,458 sqft area each,” elaborates Kabir Yaradua, CEO of National Theatre.
“As part of the continuous drive to promote culture and tourism in the country, the Federal Government of Nigeria is now revisiting the master plan of the National Theatre, making necessary arrangements to transform the land into a modern mixed-use commercial and business hub of global standards,” comments Duke. “The National Theatre has been the hub of cultural activities in Nigeria, since its establishment in 1976. The development of the Duty Free shopping mall within the National Theatre will compliment and kick start the master development programme designed for this area,” adds Yuguda.