The Middle East and North Africa’s leading shopping mall, retail and leisure pioneer, Majid Al Futtaim, continues its expansion and announces today a new AED 300 million project in Abu Dhabi – “My City Centre Masdar”. The new mall will be located in the heart of Masdar City, one of the world’s most sustainable urban developments, with easy access to adjacent developments and connectivity to planned smart public transport options including buses, light rail transit (LRT) lines, Group Rapid Transit (GRT) vehicles and the metro network.
Set to open by the end of 2018, My City Centre Masdar will deliver a convenient, neighbourhood retail experience which meets the daily shopping needs of more than 75,000 estimated consumers in surrounding areas. It will include 60 outlets across 18,000 sqm of gross leasable area (GLA), including a Magic Planet family entertainment centre, a 5,760 sqm Carrefour Hypermarket, a City Centre Clinic to provide community-focused healthcare services, and convenient dining options for both residents and professionals within Masdar City.
Today around 2,000 people work at Masdar City and its residential population is expected to exceed 3,500 people within the next two to three years. Around 35% of the City’s planned built-up area will be completed over the next five years and nearly 30% has already been committed to, including private homes, schools, hotels and additional office space. Up to 40,000 residents and 50,000 workers and students will be based at Masdar City by 2030.
“We are proud to announce the development of My City Centre Masdar, which promises to create great moments for everyone, everyday, for communities living and working in Masdar City. We are honoured to partner with Masdar City and salute their vision which is aligned with Majid Al Futtaim’s commitment to sustainability,” said Ghaith Shocair, Chief Executive Officer Shopping Malls, Majid Al Futtaim Properties.
The one-level mall, to be constructed using Majid Al Futtaim’s international sustainability standards, will have shaded parking for 430 vehicles on its rooftop through the use of photovoltaic panels, with My City Centre Masdar’s energy and water consumption targeted to be 40% lower than comparable buildings, in line with Masdar City’s eco-friendly strategy. The mall will aim to achieve an Estidama 3 Pearl rating, which is the equivalent of LEED gold building status for sustainability.
Yousef Baselaib, Executive Director, Sustainable Real Estate at Masdar City, said: “Masdar City offers a ‘greenprint’ for the future, embracing economic, social and environmental principles of sustainability. The new mall is a testament to the emergence of Masdar City as a compelling destination for residents, business tenants and visitors.
“We are proud to be collaborating with Majid Al Futtaim Properties as part of our ambitious plans to deliver world-class retail, residential, commercial and hospitality projects at Masdar City. With several initiatives already well under way, we are looking forward to welcoming a growing number of visitors and businesses to the City.”
Located next to Abu Dhabi International Airport, Masdar City is the flagship sustainable urban development of Masdar, Abu Dhabi’s renewable energy company. A ‘greenprint’ for the future development of our cities, Masdar City applies real-world solutions in clean energy supply, water and energy efficiency, and the reduction of waste.
Ease of accessibility is vitally important for My City Centre Masdar, which will be served by integrated transport links, including an Abu Dhabi Metro line running along the main boulevard with a station situated next to the mall, within easy walking distance.
Masdar City is an innovation ecosystem, connecting education with research & development and business with investment opportunities. The City is home to the first clean-tech cluster in the Middle East to be integrated with a world-class research institute, the Masdar Institute of Science and Technology.
Majid Al Futtaim continues its expansion and enters Abu Dhabi’s shopping mall landscape, as part of the company’s strategy to increase its total investment in the United Arab Emirates (UAE) by AED 30 billion by 2026, taking its total investment in the country to AED 48 billion. In addition to Abu Dhabi and Sharjah, the company is currently building new malls in Oman, Saudi Arabia, and Egypt, while redeveloping and expanding a number of its 20 existing retail and leisure destinations.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 33,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 20 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls and My City Centre neighbourhood centres, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and operates a portfolio of more than 160 outlets in 15 countries.
Majid Al Futtaim operates 194 VOX Cinema screens and 26 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to the consumer finance company issuing 'Najm' and ‘Voyager’ credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
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About Masdar
Masdar is Abu Dhabi’s renewable energy company which works to advance the development, commercialization and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Wholly owned by the Mubadala Development Company PJSC, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the Emirates’ long-term vision for the future of energy and water.
About Masdar City
One of the world’s most sustainable urban developments, Masdar City in Abu Dhabi is enabling innovation in sustainability and clean technologies by integrating education, research & development, investment and business opportunity. It is an innovation ecosystem: a thriving community, a business and investment free zone, and a hub for knowledge creation and R&D realising pilot projects in the commercialisation of clean technologies. The nucleus of Masdar City is the Masdar Institute of Science & Technology (MI), the region’s first graduate-level university researching real-world technologies and solutions at the energy and water nexus. Through initiatives such as Masdar City, Masdar is helping to realise a template – or ‘green-print’ – for sustainable urban development in the UAE and potentially other countries.
Contacts:
E-mail: press@masdar.ae
Tel enquiries in Arabic: +971 2 653 3333
Tel enquiries in English: +971 2 653 6014
For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar
