Emaar to develop 100 malls around the Middle East and Asia
[21/09/2005]
Emaar Properties has announced that it will invest AED 15 billion to develop about 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent.
Emaar has decided to incorporate a fully owned subsidiary, Emaar Malls, which will develop world class shopping malls in the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Algeria, Morocco, India and Pakistan. Emaar is already fast developing the world’s largest shopping destination – the 12 million square feet Dubai Mall – in the Burj Dubai Development in the heart of Downtown Dubai.
His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence said: “The Dubai Mall is shaping up to be an example of what can be achieved in this region and is an iconic symbol of what we could share and replicate here and elsewhere, starting first with the Gulf and South Asian regions.”
To successfully penetrate into these markets and accelerate the entry process, Emaar Malls will leverage the strategic international operations that Emaar Properties already has in Saudi Arabia, Morocco, Egypt, India and Pakistan, besides its home base in the UAE.
Emaar Malls would tap into Emaar Properties’ established reputation and depth of experience as a developer and manager for commercial, residential and retail properties in Dubai - UAE and internationally.
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