MAF plans doubling residential communities’ portfolio

The company is looking to develop more commercial projects and manage urban retail portfolio

Majid Al Futtaim (MAF), the UAE-based conglomerate whose business interests includes owning and operating shopping malls and developing mixed-used residential communities, plans to double the number of units it is constructing across the region in the next three years, a senior company official said.

“We currently have 10,000 units in different phases of development across the region and in three years, we want to double that number,” Hawazen Esber, the MAF Communities chief executive told The National at Cityscape Global in Dubai. The firm also intends to grow its portfolio of communities from the current three to six by launching new projects in Dubai, Saudi Arabia and Egypt.

MAF earlier this week announced its plans to build a mixed-use community in Dubai, its first in the emirate. It is in discussions with global and regional contractors to unveil the master plan in the first half of 2018. Mr Esbar said its project in Dubai, which will built in Dubailand, will be a “typical MAF development”. However, he declined to give the size and scope and estimated cost of the project.

“We are working on several launches,” he said. “We are not only working in the UAE … we are looking at Saudi and potentially at Egypt.”

The launch of project in Saudi Arabia could take place in 2019 and the firm is already in talks with its partners in the kingdom. However, a timeline for the project in Egypt, the biggest North African economy, has yet to be decided he said.

“Egypt is a great market and we are looking at the growth potential and I think the economy is doing fine,” he noted.

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