Dubai, MAF Shopping Malls, a leading developer of shopping centres in the Middle East and North Africa, yesterday announced the launch of a Dh2.6 billion retail project — Mirdif City Centre —and said it was forging ahead to open over 30 new malls to emerge as a world leader offering a combined gross leasing area (GLA) of 2.5 million square metres.
Located on Emirates Road and Tripoli Street along Dubai's Eastern growth corridor, the centre is expected to be completed by fourth quarter of 2009.The project is also expected to generate over 10,000 job opportunities in the UAE.
Graham Drevermen, CEO, MAF Shopping Malls, which is part of Majid Al Futtaim Group, said new mall, stretching across 183,400 square meters of GLA, will be UAE's next super regional centre focussed on lifestyle and community facilities.
Ruling out suggestions that Dubai is becoming over supplied with retail leasing space, he said given the population growth, there is further room for growth. "UAE's per capita GLA is one square metre compared to three sq metres in the US and two sq metres in Europe. This means, even at the current population size, there is room for more shopping malls."
On completion, Mirdif City Centre will be home to over 430 retail outlets with provision for eight ‘anchor’ stores including Carrefour, the world’s second largest retailer. The merchandise mix will include strong representation in key categories such as convenience, fashion, home, electronics and leisure.
Graham Drevermen, CEO of MAF Malls, said: “This super regional centre is strategically located along Dubai’s Eastern growth corridor, recognised as the fastest growing area of Dubai. The area has been earmarked by Dubai Mun-icipality for significant residential development and population growth over the next five years. By 2010, the population of the centre’s trade area is estimated to have grown to over 530,000 with an anticipated 15.6 per cent a year growth rate and a matching retail spend forecast at over nine billion dirhams."
“The centre is located just five kilometres from Dubai International Airport and along with the new hotel developments planned for the Eastern Corridor, there are significant opportunities for Mirdif City Centre,” Drevermen added.