Mar 06 2012
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$300 mln Beirut mall set to open in 2013
06 March 2012
BEIRUT: A $300 million Beirut shopping mall will open for business in 2013 and will create 1,200 jobs; real estate developer Majid Al-Futtaim (MAF) told the Emirati weekly Arabian Business.
“Beirut City Centre, located in the capital’s Hazmieh district on the Damascus-Beirut road, will house a total of 200 stores over three levels and 40 international food and beverage outlets,” the weekly reported.
Waddah al-Solh, country head at MAF Properties, said the mall would “foster growth within the local economy and specifically the retail sector” and would create, in addition to permanent retail jobs, around 2,500 temporary jobs in construction.
Majid Al-Futtaim holding, the operator of Carrefour and City Centre shopping malls in the UAE, has reported a 10 percent growth in its revenues for 2011. The company said its 2011 revenues touched $5 billion.
The $2 billion project is scheduled to be finalized in four phases over the next 15 years. The first phase is expected to be completed in two years and includes seven buildings, cafes, restaurants and a retail zone.© Copyright The Daily Star 2012.
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