Shopping mall developer and retail and leisure operator Majid Al Futtaim today announced a new AED300 million project in Abu Dhabi, My City Centre Masdar.
The new mall will be located in the heart of Masdar City – the flagship sustainable urban development of Masdar, Abu Dhabi’s renewable energy company, located next to Abu Dhabi International Airport – with easy access to adjacent developments and connectivity to planned smart public transport options including buses, light rail transit (LRT) lines, group rapid transit (GRT) vehicles and the metro network.
Set to open by the end of 2018, My City Centre Masdar will deliver a convenient neighbourhood retail experience to meet the daily shopping needs of more than 75,000 estimated consumers in surrounding areas. It will include 60 outlets across 193,750 sqft of GLA, including a Magic Planet family entertainment centre, a 62,000 sqft Carrefour Hypermarket, a City Centre Clinic to provide community-focused healthcare services and convenient dining options for residents and professionals within Masdar City.
Today around 2,000 people work at Masdar City and its residential population is expected to exceed 3,500 people within the next 2-3 years. Around 35% of the City’s planned built-up area will be completed over the next five years and nearly 30% has already been committed to, including private homes, schools, hotels and additional office space. Up to 40,000 residents and 50,000 workers and students will be based at Masdar City by 2030.
“We are proud to announce the development of My City Centre Masdar, which promises to create great moments for everyone, every day, for communities living and working in Masdar City. We are honoured to partner with Masdar City and salute their vision, which is aligned with Majid Al Futtaim’s commitment to sustainability,” says Ghaith Shocair, CEO – shopping malls, Majid Al Futtaim Properties.
The one-level mall, to be constructed using Majid Al Futtaim’s international sustainability standards will have shaded parking for 430 vehicles on its rooftop through the use of photovoltaic panels, with My City Centre Masdar’s energy and water consumption targeted to be 40% lower than comparable buildings, in line with Masdar City’s eco-friendly strategy. The mall will aim to achieve an Estidama 3 Pearl rating, which is the equivalent of LEED gold building status for sustainability.
“Masdar City offers a ‘greenprint’ for the future, embracing economic, social and environmental principles of sustainability. The new mall is a testament to the emergence of Masdar City as a compelling destination for residents, business tenants and visitors,” believes Yousef Baselaib, executive director, sustainable real estate at Masdar City.
“We are proud to be collaborating with Majid Al Futtaim Properties as part of our ambitious plans to deliver world-class retail, residential, commercial and hospitality projects at Masdar City. With several initiatives already well under way, we are looking forward to welcoming a growing number of visitors and businesses to the City,” he adds.
Majid Al Futtaim continues its expansion and enters Abu Dhabi’s shopping mall landscape, as part of the company’s strategy to increase its total investment in the UAE by AED30 billion by 2026, taking its total investment in the country to AED48 billion. In addition to Abu Dhabi and Sharjah, the company is currently building new malls in Oman, Saudi Arabia, and Egypt, while redeveloping and expanding a number of its 20 existing retail and leisure destinations.