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Doha, Qatar - Aamal Company Q.S.C., one of the GCC's fastest growing diversified companies, is pleased to report that, City Center Doha, branch of Aamal, is among Qatar's most popular shopping destinations with an average daily footfall of around 45,000, according to a report published by global real estate consultancy firm, CBRE.
Neven Grzeta, CEO of Qatar German Mall Management Company (a JV between Aamal and ECE), which manages City Center Doha, said: "City Center Doha succeeded in maintaining its leading market position as the preferred place for shopping in Qatar. This is a reflection of the success of Aamal ECE's long-term strategy to create value by enhancing the mall's tenant mix to create a unique lifestyle destination for customers. The continuous efforts and investments by Aamal in refurbishing the facilities, together with City Center Doha's prime Westbay location, will ensure the mall keeps pace with the retail sector's rapid development in the country."
He added, "Qatar's retail real estate sector has seen tremendous development since City Center's opening in 2000, including the addition of several malls in Doha. Through our active management and targeted investment programme City Center has maintained a leading position in the sector and I am positive that our long-term strategy and strong tenant relationships will ensure that City Center continues to thrive and maintain its strong competitive advantage in the years ahead."
CBRE reports that top shopping centers in Qatar maintain stable tenancies and high occupancy, in spite of increased competition and weaker consumer confidence. City Center Doha is currently undergoing phase two of its redevelopment with significant investment by Aamal to enhance the current leasable area for a stronger and more upmarket tenant mix that is focused clearly on evolving consumer demands. The redevelopment has not affected the operations of existing tenants.
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About Aamal Company QSC
Aamal Company is one of the GCC's fastest growing diversified conglomerates, with a market capitalisation at 29 August 2016 of QAR 9.8 bn (US$ 2.6 bn), delivering a compound annual growth rate in net profit before fair value gains on investment properties in excess of 20% from 2006-2015 and generating revenues of QAR 2.9 bn (US$ 791.4 m) in 2015.
Aamal is one of the largest diversified companies quoted on the Qatar Stock Exchange ("QSE"), having been listed since December 2007, and is a constituent member of the QE Index which is a measure of the 20 largest and most liquid stocks listed on the exchange.
Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar's rapidly growing economy, Aamal's operations comprise 25 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors.
About Aamal ECE
Aamal ECE is a subsidiary of Aamal Company Q.S.C. formed as a Joint Venture between Aamal and Shopping Center Managers ECE Projektmanagement G.m.b.H. & Co. KG from Germany. Aamal ECE offers property management and related consultancy and letting services in Qatar and the MENA region.
About City Center Doha Shopping Mall
City Center Doha is a leading retail and leisure destination in Qatar attracting over 70,000 visitors during holidays and peak times. City Center Doha is one of the largest shopping centers in Qatar and one of the biggest in the region. City Center is managed by ECE, a European market leader in the field of inner city shopping management.
City Center provides a wide variety of famous international, regional and local retail brands and services, spread across the five floors. City Center Doha also features a range of family oriented offerings which include a 14 screen cinema complex, a bowling alley and an ice rink, 38 restaurants and a family entertainment Center. Visitors also have the chance to witness a range of spectacular functions, variety of shows, and seasonal events and activities targeting different age groups.
Further enquiries
Aamal Company
+ 974 4435 0666
Arwa Goussous, Corporate Communications Manager
Mobile # +974 5513 9539
arwa.goussous@aamal.com.qa
© Press Release 2016
