Majid Al Futtaim and Al Jazira Club to invest AED 1.4 billion in new shopping destination, City Centre Al Jazira

Majid Al Futtaim and Al Jazira Club to invest AED 1.4 billion in new shopping destination, City Centre Al Jazira

 

Abu Dhabi, United Arab Emirates, 2017-Aug-04 — /EPR Retail News/ — Abu Dhabi’s retail and entertainment sectors are set for further growth following the announcement of the first-ever City Centre mall in the UAE capital. City Centre Al Jazira is a joint venture between Majid Al Futtaim, the Middle East, Africa and Asia’s leading shopping mall, communities, retail and leisure pioneer, and Al Jazira Sports and Cultural Club, a key Abu Dhabi football club.

Construction on the AED 1.4 billion City Centre Al Jazira, strategically located between the Airport Road and Al Muroor Road in the heart of Abu Dhabi, is set to begin in October 2017 and is scheduled for completion in early 2021. The centre will include 153 retail stores, a Carrefour Hypermarket, a 15-screen VOX Cinemas, Magic Planet family entertainment destination, a City Centre Clinic and a fitness centre, as well as indoor and alfresco dining choices. Total leasable area is expected to be 80,500 sqm within a built-up area of 215,000 sqm.

“The Al Jazira Sports and Cultural Club is a renowned and long-time established institution that believes in empowering and developing communities. By joining forces with Majid Al Futtaim, we are thrilled by the opportunity to play a role in the creation of a new lifestyle destination that will bring people together in the heart of the capital, Abu Dhabi,” said Saeed Mohammed bin Batti Al Qubaisi, Chairman of Al Jazira for Investment at Al Jazira Sports and Cultural Club

“As part of Al Jazira Club’s vision to diversify its investments, the new shopping destination is an important addition to other investment projects which ensures the sustainability and diversity of Al Jazira Club’s portfolio,” said Mohammed Haji Khouri, Chairman of the joint venture.

“City Centre Al Jazira marks a significant investment from Majid Al Futtaim into the UAE capital, driven by Abu Dhabi’s growing and affluent residential market and world-class infrastructure development projects, from transportation to museums,” said Ghaith Shocair, Chief Executive Officer Shopping Malls, Majid Al Futtaim Properties.

“Bringing the City Centre brand of shopping malls to the capital will open the doors to an integrated shopping, lifestyle and entertainment destination for the community and contribute to Abu Dhabi’s vision that aims to develop a competitive, sustainable and globally open economy.”

Majid Al Futtaim’s announcement of City Centre Al Jazira marks the company’s latest investment into Abu Dhabi’s retail and entertainment landscape and underscores its leadership in the country’s lifestyle sector. This announcenemt is part of the retail pioneer’s plans to increase its total investment in the UAE by AED 30 billion by 2026, taking its total investment in the country to AED 48 billion. Majid Al Futtaim announced new malls including My City Centre Masdar, also located in Abu Dhabi, which is set to open by the end of 2018, as well as City Centre Al Zahia in Sharjah, and My City Centre Al Dhait in Ras Al Khaimah.

Source: Majid Al Futtaim

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