Majid Al Futtaim (MAF) Investments has announced an ambitious expansion roadmap that is set to dominate the Middle East’s mall market.

The plans include a mall in Beirut, the first of its kind in Lebanon, and a retail park “Big Box” concept in Dubai, which will be the first of its kind in the region, says Peter Walichnowski, chief executive officer of MAF Investments. The firm also has plans to set up a large mall in Bahrain and a third centre in Egypt soon, in addition to some ambitious plans for the Deira City Centre and expansions to Sharjah City and Ajman Centre City Centre.
“Retail represents more than 80 per cent of the group’s revenue,s so over the next five years, it will continue to be the main driver of our business. In addition to these markets, we are closely monitoring regional development with a view to announcing other ventures in new markets, including Iran and Syria,” says Walichnowski.
In less than 10 years, MAF Investments has opened the region’s leading shopping mall, Deira City Centre, and constructed further malls in Sharjah, Ajman, Muscat and two in Egypt – arguably the most demanding market in the region.  In addition to this, the group has begun construction on the eagerly anticipated Dh3 billion ($816 million) Mall of the Emirates in Dubai, he says.
Despite starting construction six months ago, already over 75 per cent of the massive Mall of the Emirates project has been leased by retailers. Agreements have been signed with major retail houses such as the Alshaya Group, the Al Tayer Group, the Landmark Group and Broadway Trading. A 400-room all-suite hotel managed by Kempinski and the world’s largest indoor ski slope are also under construction at the Mall of the Emirates, says Walichnowski.
In addition to mall construction and management, MAF Investments holds the Middle East and North Africa franchise for Carrefour, the first hypermarket chain to reach the region. Primarily associated with the mall developments, there are already eight Carrefour stores in the UAE and others in Egypt, Qatar and Oman.
“The unrivalled success of Deira City Centre over the last decade has shown the retail industry that MAF Investments leads the way in terms of mall management,” adds Walichnowski. “The key to success is not the ability to build a mall but rather in the ability to manage the mix of tenants coupled with a strong marketing function and international management experience.”