Majid Al Futtaim mulls mega mall in Abu Dhabi
Majid Al Futtaim, the largest developer of shopping centres in the Middle East, is looking to build a mega mall in Abu Dhabi and join the wave of retail developments being constructed across the capital.
The developer, which owns and operates Mall of the Emirates and also manages Carrefour in the region, is examining plots of land to spend about Dh3 billion on designing and constructing a mall.
Retailers and developers across the UAE are investing in new stores and malls as tourists continue to flood the country, spending on shopping, hotels and entertainment.
Hundreds of shops are set to open in the Abu Dhabi this year as new shopping centres open their doors and existing ones, such as Al Wahda, finish extensions.
“Our market research and indication from tenants that have worked with us is that Abu Dhabi on the island...would be a good business proposition,” said Iyad Malas, the chief executive of MAF, as the company announced their audited results for last year. “But can we find the right place, at the right price? [That] is the challenge.” The National