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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.
