Majid Al Futtaim Properties’ plans to expand in the Mideast are continuing unabated despite an economic downturn that has stalled many property developers in the region, UAE daily the National reported on Tuesday.The company behind Dubai’s Mall of the Emirates and Deira City Centre plans projects in Syria, Abu Dhabi, Saudi Arabia and Lebanon in coming months, Chief Executive Peter Walichnowski was quoted as saying by the newspaper.
It plans to begin construction over the next 12 to 18 months in Damascus for a mixed-use development across 100 hectares. The development, which will include hotels, offices, home, will be built over 10 years and involve an initial $1 billion investment, the paper reported.
“Syria is a hungry market,” Walichnowski was quoted as saying. “There is a pent-up demand in Damascus and Syria in general. They haven’t got very many modern real estate concepts there.”
A shopping mall the size of Mall of the Emirates will also be built at the site as the firm moves away from Dubai’s saturated retail market, the paper said.
Majid Al Futtaim has inked a deal with Mubadala Development to build a shopping mall in Abu Dhabi, the paper said.
The firm also has land in Saudi Arabia reserved for the construction of a large mall and soon plans a shopping mall in Lebanon, according to the paper.
Most of the planned malls will be anchored by the France-based Carrefour hypermarket chain, it added.