DUBAI: Dubai-based shopping mall developer Majid Al Futtaim plans to invest 275 million dirhams or $75 million over the next two years on building a mall as part of a project operated by Dubai Holding, the investment vehicle of the emirate's ruler.
Majid Al Futtaim said on Monday it had bought 1 million square feet of land in Dubai's International Media Production Zone, which is run by TECOM Investments, a unit of Dubai Holding.
"The 275 million dirhams will cover the cost of buying the land and building phase one of the mall," said George Kostas, chief executive of Majid Al Futtaim Properties.
"The project will be done in two or three phases and we expect it to hit full maturity within the next five to 10 years."
The plan is part of 3 billion dirhams of investments which privately owned Majid Al Futtaim envisages making in Dubai before the emirate hosts the 2020 World Expo in 2020, Kostas said. (Reuters)