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Majid Al Futtaim invests $350m in Beirut mall

Majid Al Futtaim Properties, a leading developer, owner and operator of shopping malls and complementary mixed-use projects in the Mena region, on Tuesday announced that its new flagship mall in Beirut has welcomed more than 400,000 visitors in its first two weeks of operation.

Beirut City Centre, the 60,000sqm shopping and entertainment destination which opened its doors to the Lebanese community on April 4, is Majid Al Futtaim’s first mall to open in the Levant region, and its 12th overall in the Middle East and North Africa.

“Beirut City Centre demonstrates Majid Al Futtaim Properties’ commitment to investing in the long-term future of Lebanon. It also illustrates the success of our solid expansion plans across the Mena region through which we aim to double our shopping mall portfolio by 2020.

“We have a number of additional exciting developments in Lebanon and Egypt, and we continue to scout for opportunities in other regional cities,” Peter Walichnowski, chief executive officer of Majid Al Futtaim Properties, said in a Press release.

Majid Al Futtaim Properties said it is committed to the social and economic development of the countries in which it operates.

In Lebanon, Beirut City Centre represents an investment of $350 million, and is part of a wider $2 billion investment plan for the country over the next seven to 10 years.

In addition to more than 2,500 jobs generated by Beirut City Centre during the construction phase, the mall now supports more than 1,200 permanent job opportunities.

Majid Al Futtaim Properties’ presence has also enriched the Lebanese retail market with 40 new brands entering the local market for the first time through Beirut City Centre.