Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Majid Al Futtaim will invest AED 260 million (US$ 71 million) in the redevelopment of City Centre Sharjah, one of Sharjah’s largest shopping malls located on Al Wahda street in the centre of the city. Scheduled for completion in the last quarter of 2017, the expansion will add 13,700 square metres (147,466 sq. ft.) of retail space and is expected to create hundreds of direct and indirect jobs in Sharjah.
Opened in 2001, the popular City Centre Sharjah has an existing gross leasable area of 38,000 square metres (409,029 sq. ft.) and now attracts some 11.4 million visitors per year. The redevelopment project, which will include an overall design refresh for the malls interiors, is expected to allow the venue to add 25 fashion and lifestyle stores, increasing the mall’s total number of retailers to 150. The expansion will also include a new 12-screen cinema operated by VOX Cinemas. Other additional facilities and enhancements will include four new dining options, a City Centre Clinic and 700 new covered parking spots.
Majid Al Futtaim Holding is also building a ‘super-regional’ shopping mall at the master-planned Al Zahia residential community in Sharjah, which is planned to open in 2018. The new super-regional mall will have a gross leasable area of 130,000 square metres (1.4m sq ft) and will be named City Centre Al Zahia. The centre is expected to have a wide catchment area due to its strategic location near Sheikh Mohammed bin Zayed Road (E311), which connects the emirates of Dubai, Sharjah, Ajman, Umm al-Quwain and Ras al-Khaimah.
Sharjah is adding over 3.5 million square feet (325,000+ sqm.) of retail mall space by the year 2020, to include current expansion plans for existing malls and new mall projects.
Source: Majid Al Futtaim
