Lulu Group International will make its biggest ever one-off investment in the UAE with a Dh2 billion plan to develop three malls in Umm Al Quwain, Sharjah and Dubai over the next two years.
According to a report on The National, Line Investments & Property, Lulu’s mall development and management division, aims to build and operate the three malls scheduled for delivery next year, 2018 and 2019, respectively.
The group currently operates six malls in Abu Dhabi, including Al Wahda Mall, Mushrif Mall and Khalidiyah Mall.
Mall of Umm Al Quwain
Mall of Umm Al Quwain will be a single-level strip mall of 20,000 square metres, with a seven-screen cinema due at the end of next year.
Avenues Mall Sharjah
Avenues Mall Sharjah will cover 43,000 sq metres with premium restaurant and entertainment venues, and is due to open by the end of 2018.
Avenues Mall Silicon Oasis
Avenues Mall in Dubai’s Silicon Oasis is planned to extend over 82,500 sq metres and has been designed as a premium retail and leisure destination. It is expected to open by the first quarter of 2019.
The Avenues Mall in Silicon Oasis will compete with the new Cityland Mall, which was announced last week. It is located about five kilometres away and is due in 2018.
“We have done our due diligence and all our malls will be servicing the local community,” said Marcello Larizza, the general manager at Line Investments & Property – Dubai, Al Ain and Northern Emirates.
He said this was Lulu’s biggest investment in the UAE, but the group was also building three malls in India and another three in Saudi Arabia.
- Published on 1 November 2016