Abu Dhabi - Mubasher: Majid Al Futtaim on Tuesday announced plans to invest AED 260 million as part of a redevelopment initiative slated for completion in the fourth quarter of 2017.
The investment will see hundreds of direct and indirect jobs created, the the leading shopping mall, retail and leisure pioneer across the MENA region said in a statement.
It added that the investment comes as part of a scheme to invest up to AED 30 billion in the UAE by 2026.
“The announcement comes as a result of the company’s analysis into the changing needs of both residents and tourists in the UAE’s third-largest emirate,” the statement added.
The redevelopment entails increasing the mall’s fashion and lifestyle brands by 25 new storefronts, raising the total number of retailers to 150 and adding 13,700 sqm of retail space, added to a 12-screen VOX Cinemas area. A clinic and new dining options will also be added.
“The redevelopment of existing assets such as City Centre Sharjah is a key element of Majid Al Futtaim’s overall UAE strategy announced in June 2016: to open 10 new City Centre destinations, 28 cinemas, 40 Carrefour supermarkets and a 740,000 sqm community also located in Sharjah, by the end of 2020,” the statement highlighted.
Commenting on the investment, Majid Al Futtaim - Properties’ CEO for shopping malls Ghaith Shocair stated: “City Centre Sharjah will complement the company’s new super-regional mall being developed in Al Zahia as well as the expansion of City Centre Ajman – reflecting the growth opportunities that we see in the UAE’s Northern Emirates throughout the next decade.”
