Majid Al Futtaim Properties which develops, owns and manages world-class shopping malls throughout the MENA region, said the Beirut City Centre it’s new flagship mall in Beirut, has welcomed more than 400,000 visitors in its first two weeks of operation.
The 60,000 square metre shopping and entertainment destination opened it’s doors on April 4th, 2013 to the people of Lebanon. This will be Majid Al Futtaim’s first mall to open in the Levant region, and its twelfth overall in the Middle East and North Africa.
“Beirut City Centre demonstrates Majid Al Futtaim Properties is commitment to investing in the long-term future of Lebanon. It also illustrates the success of our solid expansion plans across the MENA region through which we aim to double our shopping mall portfolio by 2020. We have a number of additional exciting developments in Lebanon and Egypt, and we continue to scout for opportunities in other regional cities.” — Peter Walichnowski, CEO, Majid Al Futtaim Properties, (press release)
Majid Al Futtaim Properties said it is committed to the social and economic development of the countries in which it operates. In Lebanon, Beirut City Centre represents an investment of USD 350 million, and is part of a wider USD 2 billion investment plan for the country over the next 7-10 years.
In addition to the more than 2,500 jobs generated by Beirut City Centre during the construction phase, the mall now supports more than 1,200 permanent job opportunities. Majid Al Futtaim Properties presence has also enriched the Lebanese retail market with 40 new brands entering the local market for the first time through Beirut City Centre.
Mall of the Emirates, which is Majid Al Futtaim Properties flagship mall in Dubai, UAE, has been ranked the 7th most productive shopping centre in the world, earning USD 1,423 per square foot, per annum, according to recent research by the International Council of Shopping Centres (ICSC), as published in Shopping Centre Today.
According to ICSC, the 2.5 million square-foot Mall of The Emirates is nearly three times more profitable per square foot than the industry average, and it’s sales surpass those of some of the most internationally renowned shopping destinations in Los Angeles, Toronto or Orlando.