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FINANCIAL NEWS
MAF rules out rents hike at Fujairah’s new mall in 2012
05 Dec 2011
(MENAFN) Majid Al Futtaim ruled out rising rents at Fujairah City Center before 2013, Arabian Business reported.
The shopping center priced its rents on a similar scale to those seen in Dubai, but cut lease costs in some cases as it looks for attracting top brands, said Ali Al Abdulla, an official at Majid Al Futtaim.
Tenants will include Carrefour, Paris Gallery, and a Centrepoint store housing Landmark brands Splash, Lifestyle, Shoe Mart and Babyshop, and other brands who invested in the mall including H&M, New Look, Aldo, and Steve Madden, in partnership with their local franchisees.
Fujairah City Centre is expected to open in the first half of 2012, and more than 35 percent of the mall’s units will be clothing and accessory shops, in addition to a Magic Planet entertainment centre.
The mall will also include a Vox cinema, which is scheduled to open in the fourth quarter of 2012.
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