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Al-Futtaim to enter joint venture for Morrocan mall development

8 January 2014 | 0 Comments

8 January 2014

Dubai-based Al-Futtaim group has signed a joint venture to develop a ‘super mall’ in Morocco.

As part of a tripartite consortium with Moroccan and Portuguese entities, Al-Futtaim will develop one of the region’s biggest retail and leisure destinations.

Al-Futtaim and Marjane Holding, Morocco’s leading retail developer, will jointly lead the Zenata Commercial project, which includes international shopping centre specialist Sonae Sierra, owner of 49 shopping centres.

Boulevard Mohamed Zerktouni, Casablanca, Morocco (HombreDHojalata/Wikimedia Commons)

Al-Futtaim group vice president, Omar Al Futtaim, said: “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.”

The centre will span a total gross leasable area of 120,000 sq metres, and will be located in the first development zone of Zenata Eco-city, located on the eastern border of Casablanca.

Swedish furniture retailer Ikea will be the first merchant to open for business in 2015, with the development of the rest of the complex planned for completion in 2017.