Majid Al Futtaim announces plans to launch new flagship mixed-use community in Dubai

Majid Al Futtaim announces plans to launch new flagship mixed-use community in Dubai

Dubai, UAE, September 11, 2017: Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today announced plans to develop an all new, mixed-use community in Dubai, at Cityscape Global 2017. The landmark community is set to become the company’s flagship lifestyle destination in the emirate by offering an unparalleled integrated living experience to both residents and visitors.

Strategically located in a key residential growth corridor in the emirate, the landmark will comprise premium quality homes developed in distinct but connected neighbourhoods building on the site’s unique topography and character to drive both emotional and aesthetic appeal for the community. The development will also feature seamless integration of greenery and public spaces to encourage social interaction and well-being.

The development will also feature Majid Al Futtaim’s world-class retail, leisure and entertainment facilities to cater to the evolving expectations of residents and the wider community. Majid Al Futtaim is currently in talks with leading global and regional contractors with plans to unveil the master plan in in H1 2018. The project is expected to be funded in line with the company’s prudent financial management and consistent with its BBB credit rating levels.

Hawazen Esber, Chief Executive Officer of Majid Al Futtaim - Communities, said: “We are excited to announce plans for a flagship mixed-use community that is set to redefine the living experience in Dubai’s evolving and highly competitive real estate market. As is with all our projects, the latest community will feature best in class offerings from across the
Majid Al Futtaim integrated portfolio and will deliver on the highest standards of planning, design and quality to create a unique destination that remains close to the heart of its people and allows them to celebrate life, every day.”

At the event, Majid Al Futtaim also announced a number of strategic updates to existing projects across the region:

Sharjah, UAE:

• Al Zahia, Sharjah’s premier residential community, announced plans to launch the second release in its third neighbourhood, Al Lilac, this month. The release will comprise 61 four and five-bedroom villas.

• Majid Al Futtaim also announced that construction of the AED2.6 billion City Centre Al Zahia is on track for opening in late 2020. 

Muscat, Oman:

• Al Mouj Muscat will soon launch Marsa Plaza, a vibrant and diverse platform for performing artists, as well as a public space that draws people together, creating strong social bonds at the neighbourhood. The platform will also feature two new food and beverage (F&B) outlets developed at the edge of the Plaza, in addition to the existing F&B offerings at the Walk, to create a sense of a traditional town square, offering a continuous animated frontage on all four sides.

• The community will also witness the launch of a new Community Hub precinct expected to be complete in 2019, that will feature a Community Hub Pavilion, Kindergarten and a Mosque situated in the Ghadeer District within the master-planned community. Expected to be complete in 2019.

• The community will soon be home to two new luxury hotels – the 4-star Mysk by Shaza, Al Mouj and 5-star Kempinski Hotel Muscat in Q4 2017.

• Al Mouj Muscat released the first phase of Zunairah – set on the beachfront, this collection of 29 6-bedroom luxury beachfront villas is designed by internationally renowned architects and extend the ultimate privacy and exclusivity within a gated community.

Lebanon:

• Lebanon’s first contemporary mixed-use development, Waterfront City, is fast becoming one of the most sought-after communities in the country with 76% of units in the first two phases of the project sold and ready to be fully handed over by 2018. The community is coming to life with (288) families moving in by end of 2017.

• The community is also set to become one of the country’s main lifestyle destinations with an impressive range of food, leisure and retail outlets overlooking the marina to create an authentic and vibrant customer experience. Waterfront City will see the addition of 40,000 square metres of urban retail offerings anchoring luxury brands, high-end convenience and grocery, in addition to, gourmet stores.

“As a leading mixed-use community developer and asset manager in the MENA region,
Majid Al Futtaim is committed to delivering quality integrated lifestyle offerings across landmark destinations in the UAE, Oman and Lebanon. By doing so, we are not only establishing a new benchmark for community living, but also playing an integral role in a region-wide agenda to boost well-being and happiness,” commented Esber.

At Cityscape Global 2017, Majid Al Futtaim launched a first of its kind neuroscience study in the region that was designed to identify the most powerful drivers behind emotional attachment to urban developments and communities. The study was conducted to inform
Majid Al Futtaim’s unique approach to placemaking - an approach to urban planning, development and design that encourages emotional and functional value.