03/03/2014 16:32 AST
Majid Al Futtaim and Tecom Investments, a wholly-owned subsidiary of Dubai Holding, have reached an agreement under which Majid Al Futtaim Properties will build a new shopping mall on a 1,000,000 square feet of land located in International Media Production Zone (IMPZ).
Scheduled for completion in 2015, phase one of the shopping mall 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 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 residential areas, Victory Heights, Jumeirah Golf Estates and Jumeirah Village, in addition to other communities such as Motor City, Sports City and Arabian Ranches.
George Kostas, CEO, Majid Al Futtaim Properties, said: “This shopping mall is part of the Dh3 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 leadership’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.”
Dr. Amina Al Rustamani, Group CEO of Tecom Investments, said: “I am delighted that Tecom Investments is able to cater to Majid Al Futtaim’s requirements to develop a new shopping mall. This development will serve the needs of the growing community in and around IMPZ.
International Media Production Zone (IMPZ), part of Tecom’s Media Cluster, is designed to accommodate companies in the publishing, printing and packaging industry value chain. IMPZ is a 43 million square feet site, covering commercial, light-industrial, residential and retail facilities. Sony, Xerox and DAMAC are just a few examples of the companies operating in IMPZ today.
Earlier in July 2013, Majid Al Futtaim announced plans to invest Dh3 billion on extending and enhancing its Dubai businesses over the next five years. The plans include: two new hotel developments; upgrading two existing hotels; enhancements to its flagship Mall of the Emirates and Deira City Centre shopping malls; opening four new Carrefour supermarkets and two new hypermarkets; as well as building a new 14-screen cinema complex.
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