The project, estimated to span 64,800 square metres, will be the centre of the upcoming Wasl Gate community and beyond, according to a statement.
The substructure works have been completed and the ongoing superstructure is on track, while leasing property has started, Al-Futtaim said.
Moreover, the company noted that around 80% of retail space has been secured.
“We are excited to broaden our footprint to a key residential are and look forward to bringing our lifestyle expertise and successful retail mix to an even wider audience,” group director of Al-Futtaim Malls Timothy Earnest said.
It has been confirmed that Festival Plaza will be home to brands IKEA and ACE, the statement added.
Extending over 30,000 square metres, the second IKEA store will be inaugurated in Dubai.
Additionally, LuLu Hypermarket was unveiled as the project’s chosen supermarket of choice.
Festival Plaza will feature 120 stores and 2,310 parking spaces, in addition to 40 cafes and restaurants and a 500-seat food court.