Taroudant - According to the Gulf News agency, Dubai-headquartered Al-Futtaim group has signed a joint venture agreement with Moroccan and Portuguese entities to develop Morocco’s largest mall and the biggest in North Africa.
Taroudant – According to the Gulf News agency, Dubai-headquartered Al-Futtaim group has signed a joint venture agreement with Moroccan and Portuguese entities to develop Morocco’s largest mall and the biggest in North Africa.
Omar Al-Futtaim, the group vice chairman signed the agreement with Mohamed Lamrani, the president of Marjane Holding, during a ceremony held at Casablanca.
The new joint venture also includes the Portuguese international shopping center specialist Sonae Sierra (National Company of Engineered wood), which owns 49 shopping centers and manages 85 malls internationally.
“By 2017, the two-level mall will comprise the 26,000 square-meter IKEA store, a 8,350 square-meter Marjane hypermarket, a 10,000 square-meter leisure and fun zone and a 3,400 square-meter cinema complex, as well as a comprehensive portfolio of stores featuring apparel, cosmetics, electronics, household appliances and sports brands” the news agency said.
The Vice President of Al-Futtaim group, Omar Al Futtaim, said in a statement, “This is a major milestone for Al-Futtaim Group’s inaugural foray into Morocco’s 32 million-strong market as we continue our regional expansion drive in the African continent.”
“With roughly 15 per cent of the country’s total population concentrated in the immediate catchment area of this development, our investment promises to yield the right returns,” he added.
According to the Gulf news agency, the company said that “its shopping malls across markets continue to record a steady increase in footfall with more than 160 million visitors in 2012.”
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