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Abu Dhabi, United Arab Emirates - Manazel Real Estate PJSC (”Manazel”), a leading UAE developer, announced today that it has entered into a strategic partnership with McARTHUR + COMPANY to lease and manage “Capital Mall” on behalf of Manazel Real Estate in Abu Dhabi.
McARTHUR, a specialised retail leasing consultancy, will manage the leasing and management aspects of Capital Mall, which is located in Mohammed Bin Zayed City, Abu Dhabi, with a focus on managing the mall’s ongoing operation and performance as well as continued expansion.
McARTHUR + COMPANY is an international leasing and operations advisory firm specialising in retail mall outlets and has accumulated over 36 years of experience through its founders and management team. McArthur has provided strategic consulting and effective real estate management services to a number of major business centers in the region and the world. Key projects have included Deira City Centre, Dubai Festival City in the UAE in addition to “City Star Cairo” in Egypt, and “Mall of Qatar”.
This new partnership is part of Manazel’s retail strategy to re-position Capital Mall as a ‘’family entertainment value mall’’. Capital Mall, in its new format will be targeted at the middle-income segment in the UAE and will offer shoppers significant choice ranging from home goods, fashion, and entertainment and F&B addition to a planned cinema and other attractions, which will increase footfall.
This strategic initiative is in line with Manazel's retail strategy for Capital Mall to provide shoppers with high quality products at affordable prices. Capital Mall is the only one of its kind in Abu Dhabi with a space offering more than 60,000 sqm of Gross Leasable Area (GLA).
Manazel Real Estate is successfully leveraging off its significant real estate experience and asset base in designing, constructing and equipping Capital Mall to realize its full market potential by providing retailers with direct sales opportunities to shoppers.
The new Capital Mall concept also reinforces Manazel's long-term strategy of developing recurring revenues in order to generate unique returns on investments that are not affected by economic cycles. Capital Mall is also ideally placed to capitalise on the growing population of Abu Dhabi and its visitors.
Commenting on the new strategic partnership, H.E Manazel’s Chairman Mohamed M. Al Qubaisi said: ‘’ This partnership has come as a result of the a profound understanding of the real estate market and retail sector in UAE and our belief in the importance of specialisation in the sector. This partnership also reflects our continued efforts to expand our retail assets and adopt new business models that are consistent with our business strategy and support the interests of the average income segment of the UAE population. Capital Mall is the first of its kind in Abu Dhabi to introduce the concept of leasing to retail outlets, which will benefit investors, shop owners and shoppers on a larger scale”.
Commenting on the new contract, Phil McArthur, founder and CEO of McARTHUR + COMPANY, said:
“MacArthur + Company strongly believe in the importance of specialised advice for the shopping mall sector in the region in order to deliver optimal returns. This new partnership highlights the importance of building strategic relationships in order to deliver the skill sets needed to drive growth within the shopping mall segment of the UAE’s real estate market. We are delighted to sign this strategic partnership with Manazel Real Estate to support Capital Mall's short and long-term growth objectives and we are confident, that as a team, we will achieve long term growth and success for both Manazel Real Estate and Capital Mall”.
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© Press Release 2017
