| 25 Dec 2006 |
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Line Investments takes over management of Madinat Zayed Shopping center & Gold Souk
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Abu Dhabi: The Abu Dhabi based retail major EMKE Group has been awarded the management rights of prestigious Madinat Zayed Shopping Center & Gold Souk with effect from 1st January 2007. The agreement to this effect was signed by H.E. Jouan Salem Al Dhaheri, Chairman of Abu Dhabi Municipality and Mr. Yusuffali M.A., Managing Director of EMKE Group, parent company of LINE INVESTMENT & PROPERTY LLC, at a function held at Abu Dhabi Municipality.
Commenting on the new agreement Mr. Yusuffali said "we feel honoured to be awarded this contract for managing this AED 800 million shopping center by the authorities and will make sure that this becomes one of the most favoured shopping and leisure destinations for all the residents and visitors alike. We have already commissioned M/s White Young Emirates as the consultant for the renovation and face lifting to bring in the most modern international standards and amenities. The work to this effect will start by the 1st of March at a cost of Dhs.150 million."
"Line Investment and Properties LLC, our exclusive mall management division will be in charge of the leasing and management of the renamed Madinat Zayed Mall" added Mr. Yusuffali.
Line Investment and Properties LLC will be opening their 3 new projects i.e., Khalidiyah Mall, Al Wahda Mall and Al Raha Mall in the first quarter of 2007 in Abu Dhabi. Other ongoing projects include mega shopping malls in Riyadh, Dammam, Jeddah, Bahrain, Muscat, Doha and India.
"Entire world is now looking with greater interest at Abu Dhabi as one of the best investment friendly market in this region because of booming economic development in the real estate, tourism, aviation and leisure sectors. And we plan to strongly contribute to this growth by launching many more new projects in the emirate at an investment of more than one billion dirhams" concluded
EMKE group with an annual turnover of more than AED 4 billion is the largest operator of hypermarkets and supermarkets across the Middle East under the flagship brand of LuLu with 56 stores and plans to open 9 more hypermarkets in 2007.
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© Press Release 2006
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