Dubai-based Majid Al Futtaim said on Tuesday it will build a new $81.74 million (AED300 million) shopping mall in Masdar City, Abu Dhabi.
Set to open by end-2018, ‘My City Centre Masdar’ will include 60 outlets across 18,000 square metres of gross leasable area (GLA), including a Magic Planet family entertainment centre, a 5,760 square metre Carrefour hypermarket and a clinic.
The company said it will target over 75,000 consumers in the neighbouring areas.
At present, 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. Up to 40,000 residents and 50,000 workers and students will be based at Masdar City by 2030, the company said.
The single-level mall will have shaded parking for 430 vehicles on its rooftop. It will use photovoltaic panels to reduce energy and water consumption levels by 40 percent 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. The mall, which will be served by integrated transport links, will have a Metro station next to it.
The new investment is part of Majid Al Futtaim’s strategy to increase its total investment in the UAE by $8.17bn (AED30 billion) by 2026, taking its total investment to $13.08bn (AED48 billion).