Logo
  • Order call
  • Call management

Property type
No. of bedrooms
Area
Show offers

10 new shopping malls and six new hotels to be constructed in Dubai and other emirates

02.06.2016
10 new shopping malls and six new hotels to be constructed in Dubai and other emirates
Majid Al Futtaim plans to invest more than AED 30 billion in the UAE real estate.

Given the expected population growth in Dubai and the UAE, as well as a significant increase in tourist flow, one of the largest construction conglomerates in the country, Majid Al Futtaim company has earmarked its intention to invest more than AED 30 billion in residential, retail and hospitality sectors in the next ten years.

A developer plans to start the construction of ten new shopping centers in Dubai and neighboring emirates with the first new mall under City Centre brand in Dubai, next to its new 740,000 square meters mixed-use community​​. Additionally, the company intends to cover and the neighboring emirates of Sharjah by building regional scale hypermarket near the ​​Al Zahia community, and another mall of the same size in the UAE capital Abu Dhabi, in the area of Masdar City.

As a result of new centers construction and the expansion of existing malls retail space owned by the developer will increase to 1.5 million square meters.

Last month, a new 2016 repost by CBRE consultancy dubbed 'How Global is the Business of Retail?' revealed that Dubai retains its second place in the list of the most important international shopping destinations for the fifth consecutive year. 57 percent of all major international retail brands are represented in Dubai, and in recent years 38 more new international brands such as All Saints and Old Navy came here.

As for the hotel industry, considering plans Dubai authorities have concerning the increase of the tourists’ inflow up to 20 million pa before 2020, the city will need a lot of new square meters of hospitality real estate to accommodate all guests. Therefore, Majid Al Futtaim plans to build six new hotels in Dubai, some of them adjusted to existing mixed-use complexes, such as Mall of the Emirates, City Centre Mirdif and one more close to a new residential community in the Global Village in the ​​Dubailand area, thus increasing the number of room keys operated to 4,800.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
625,000
Ref.No: OF93
Office
630 ft2
0 AED/ft2
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
SOGA1  SOGA2
Call management
SOGA1  SOGA2
Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management