Majid Al Futtaim to invest $8.1 billion in UAE by 2026

This will bring the Emirati shopping mall giant Majid Al Futtaim's investment in the UAE up to $13 billion, including shopping malls and hotels.

2016-06-02 09:01

Emirati shopping mall giant Majid Al Futtaim has revealed plans to invest $8.1 billion in the United Arab Emirates by 2026!

This will bring the group's investment in the UAE up to $13 billion!

With the new investment comes 10 new City Centre malls, 28 cinemas, 40 Carrefour supermarkets and six hotels...

Also, the move will generate about 170,000 jobs!

“Not only will we create hundreds of thousands of additional jobs, we will support Dubai and the UAE in becoming the world’s best retail-tainment destinations and deliver more life-changing experiences through seamless online and offline offerings,” Alain Bejjani, CEO of Majid Al Futtaim, said according to Arabian Business .

Bejjani added that he does not worry about overcapacity in the market.

“There are very clear growth trends in the market that we are going to take advantage of, but quality is important and experience is important. Majid Al Futtaim is the best developer within all of our businesses. We are very confident of our offering," he said, according to The National .