Apr 22 2008 |
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UAE: Al Futtaim plans Dh20b projects
DUBAI - The Al Futtaim Group Real Estate (AFGRE) expects to spend as much as Dh20 billion over the next five years to roll out its concept of mixed-use urban community development across the Middle East and North African, or MENA, region and Asia.Peter Young, the company's director for retail development, said this would involve five to six projects similar to Dubai Festival City , a 5.2-million-sq-ft mixed-use urban community in a premier waterfront property, through joint ventures and acquisitions. Saudi Arabia, Morocco, India, China and Singapore may follow Egypt on the list.
"We are very acquisitive," he stressed, citing the recent purchase of 88 per cent of Robinson and Company, Singapore's signature department store chain, by Al Futtaim Group.
AFGRE , a division of Al Futtaim Group, yesterday launched the Cairo Festival City, a Dh13.6-billion (20 billion Egyptian pounds) mixed-use development 20 kilometres southeast of Cairo, at the 13th Middle East Council of Shopping Centres, or MECSC Convention.
He said completion of the project's shopping centre and phase one of the residential units is by the end of 2010. Spread across three million square metres, the project will have employed 1,500 workers by the end of this year.
Nakheel Retail, a division of Nakheel , announced on Sunday plans to spend at least Dh11 billion to build five more shopping malls in Dubai within five years.
AFGRE and Nakheel Retail are among the participants in the MECSC event, which also showcases a trade exhibition dedicated to the retail realty sector.
Young said, meanwhile, that 12 cinemas would begin operating in the Dubai Festival City by next month as part of the development's increasing offerings and expansion, which will include a luxury centre.
By Jose Franco
© Khaleej Times 2008
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