MAF Properties plans to build malls worth of $3.5b

03 May 2010

(MENAFN) Majid Al Futtaim (MAF) Properties said that it plans to spend as much as $3.5 billion in the next five years on four new shopping malls in Syria, Lebanon, Egypt and the UAE, Reuters reported.

The group’s Chief Executive, Peter Walichnowsk, said that studies have shown that economic growth in terms of gross domestic product (GDP) and the overall quality of life for emerging economies are linked to consumer spending and retail sales levels.

He pointed out that most Gulf economies are expected to grow in low single digits during the current year, with the exception of Qatar, with its GDP forecast to grow 16 percent.

UAE-based MAF Properties, which already operates 10 malls across the MENA region, has embarked on an ambitious expansion plan, hoping to double its portfolio by 2015 with 14 new projects in Saudi Arabia, Yemen, Qatar, the UAE, Egypt, Lebanon, Syria and Oman.

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