The 22-million-square-foot development will include residential, retail and commercial facilities
Dubai-based developer Majid Al-Futtaim has signed an agreement with Dubai South to develop a AED62bn ($17bn) mixed-use community in the Dubai South area of the city.
The 22-million-square-foot development will include residential and retail components, anchored by a shopping mall.
Further project details and a construction timeline have yet to be disclosed.
In October last year, Majid Al-Futtaim announced new investments in Saudi Arabia and the UAE.
It signed an agreement with Saudi gigaproject developer Diriyah Company to introduce a Vox Cinemas multiplex and seven retail brands to Diriyah Square, part of the Diriyah project in Riyadh.
The retail outlets will cover approximately 5,534 square metres (sq m), while Vox Cinemas will occupy about 7,632 sq m.
The developer will bring international brands to Diriyah, including Shiseido, Lululemon, Crate & Barrel, Abercrombie & Fitch, AllSaints, CB2 and Hollister.
In Dubai, Majid Al-Futtaim also announced plans to launch Ghaf Woods Mall within its Ghaf Woods residential community in Dubailand.
According to an official statement, once completed, Ghaf Woods Mall will be the 30th mall in the developer’s portfolio and its 19th in the UAE.
In April last year, Majid Al-Futtaim revealed plans to develop a mixed-use project in Riyadh at an estimated cost of about SR17.5bn ($4.6bn).
According to media reports, the development will cover an area of 850,000 sq m and will include residential, commercial, office and entertainment components.
In the same month, the firm said that it will invest AED5bn ($1.4bn) to upgrade Dubai’s Mall of the Emirates with new retail, dining, wellness and entertainment facilities.
According to an official statement, the 20,000 sq m expansion will add 100 new stores.
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