01 June 2016
Key Highlights:

· New landmark regional mall in Dubai part of a mixed-use residential, retail, hospitality, commercial and leisure community

· First super-regional mall in Sharjah

· Shopping malls to enter Abu Dhabi

· Expansion of cinemas, leisure and entertainment, healthcare, fashion, food and beverage, and consumer finance businesses across the UAE

· New Carrefour hypermarkets and supermarkets

· Pioneering new digital experiences

· More than 170,000 direct and indirect jobs will be created

UAE - The Middle East and North Africa's leading shopping mall, retail and leisure pioneer, Majid Al Futtaim, has today unveiled a strategic development plan that will see the company increase its total investment in the United Arab Emirates (UAE) by AED 30 billion by 2026, taking its total investment in the country to AED 48 billion. The investments, which reaffirm the company's long-standing commitment to its home market, include both new projects and the expansion of existing assets. The plan will create more than 170,000 direct and indirect job opportunities.

As part of its new investment plan for the UAE, Majid Al Futtaim will develop 10 new state-of-the-art shopping malls under its powerful City Centre brand. This will include a new landmark regional mall in Dubai, as part of a 740,000 sqm mixed-use residential, retail, hospitality, commercial and leisure community. It will also include the company's first super-regional mall in Sharjah, which will be adjacent to its existing Al Zahia master-planned community. In addition, Majid Al Futtaim will take its integrated retail-tainment model to Abu Dhabi for the first time, starting with the development of a community mall in Masdar City. The company's new malls will further strengthen its position as the gateway of choice for some of the world's most renowned brands to enter or expand in the UAE.

In line with its strategy to keep assets fresh, relevant and best in class, Majid Al Futtaim will also undertake six expansions to its existing malls, including major extensions to City Centre Ajman and City Centre Me'aisem, which will turn them into regional malls. Combining all new developments and expansions, the company will increase the total retail space in its mall network in the UAE from 725,000 sqm to 1,500,000 sqm. Majid Al Futtaim will also expand its portfolio of world-class hotels with six new developments across sites including Mall of the Emirates, City Centre Mirdif, and its planned mixed-use community in Dubai. This will bring the company's total number of keys operated to 4,800.

The new investment plan will also see Majid Al Futtaim introduce new pioneering cinema experiences, family entertainment centres, advanced healthcare clinics, sought after fashion brands and innovative food and beverage concepts across the UAE. In addition, the company will expand its consumer finance business and introduce ten new Carrefour hypermarkets and 30 new Carrefour supermarkets, bringing the convenience of high quality produce, wide variety and low prices to more people across the emirates.

Alain Bejjani, Chief Executive Officer at Majid Al Futtaim - Holding, said: "For more than two decades, driven by our vision to create great moments for everyone, everyday, we have continually transformed the face of shopping, entertainment and leisure both here in the UAE and across the MENA region. In doing so, we have contributed to Dubai and the UAE becoming among the top global tourist and retail destinations, enhanced the lifestyle of their residents and delivered nearly 200,000 jobs. With today's investment plan, which is closely aligned to the government's vision for the future, we will take our impact to the next level. Not only will we create hundreds of thousands of additional jobs, we will support Dubai and the UAE in becoming the world's best retail-tainment destinations and deliver more life-changing experiences through seamless online and offline offerings."

Majid Al Futtaim remains committed to its BBB credit rating and these projects are expected to be funded in line with its prudent and proactive financial management approach. They will see the company's presence in the UAE reach two master-planned communities, 19 shopping malls, 16 hotels, 101 Carrefour hypermarkets and supermarkets, 28 cinemas, 38 leisure and entertainment outlets, 86 fashion stores and 26 healthcare clinics upon completion.

-Ends-

Disclaimer: All facts and figures in this release are accurate at the time of issuance.

About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).

A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 14 international markets, employing more than 33,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.

Majid Al Futtaim owns and operates 19 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and with the Hyperstar brand in Pakistan, operates a portfolio of more than 160 outlets in 14 countries.

Majid Al Futtaim operates 183 VOX Cinema screens and 24 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to the consumer finance company issuing 'Najm' and "Voyager" credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates a network of City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.

www.majidalfuttaim.com

 Please follow us on:

   https://www.youtube.com/user/majidalfuttaim

   https://twitter.com/majidalfuttaim                

   https://www.linkedin.com/company/majid-al-futtaim

   https://www.facebook.com/MajidAlFuttaim

   https://www.instagram.com/majidalfuttaim

© Press Release 2016