Retail tenants at the newly opened City Centre Al Zahia in Sharjah received rental relief from the landlord Majid Al Futtaim Properties in the form of holiday on their lease rents up to opening date of the mall. 

The 2.6 billion UAE dirhams ($708 million) City Centre Zahia, the largest mall in the Northern emirates, was originally scheduled to open in March 2020, but the long lockdown following the outbreak of COVID-19 had delayed the opening. The mall was officially opened on 9 March 2021. 

“The retailers were not charged lease rents till the time the mall was not opened due to the pandemic. The lease contracts were amended to include this change in effective lease period, which means rents are applicable from the day the mall is open,” said Fuad Mansoor Sharaf, Managing Director, UAE, Majid Al Futtaim Properties. 

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Fuad Mansoor Sharaf, Managing Director, UAE, Majid Al Futtaim Properties

“We have taken into consideration the delay due to the pandemic and decided to not charge lease rent till the time the mall was officially open,” he said during a media tour of the mall. 

“To open the mall during the pandemic is a big achievement; It is a brave decision by Majid Al Futtaim as a company.”  

City Centre Al Zahia has a gross leasable area (GLA) of 136,200 square metres as against 250,000 square metres in Mall of the Emirates and 120,000 square metres in City Centre Deira. 

“We expect to deliver 70 percent of the mall by the end of the year as several global and home-grown brands are showing interest to make the Al Zahia mall their home,” he said. 

A related press statement on the launch said the mall has partnered with the University of Sharjah and the American University of Sharjah, with students from both institutions and faculty members offering lectures and workshops on architecture, photography, filmmaking and art. These classes and seminars will be held in a new and modern in-mall art centre, The Studio. 

(Reporting by Bhaskar Raj; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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© ZAWYA 2021