Lulu Group eyes Dh1b shopping centre
Lulu Group intends to double down on new UAE-based projects ahead of the Expo 2020, which will create new locations for its hypermarkets and mall developments, according to a top official. The retailer, which in recent years had committed significant investments in Saudi Arabia and India, recorded a turnover of $6.9 billion for 2016.
Last week, it announced the launch of a new mall costing around Dh1 billion at Dubai Silicon Oasis, which will be owned and operated by its retail asset division. It will have a gross leasable area of 900,000 square feet (within a built-up of 2.3 million square feet) and take 30 months to build.
The branding for the mall will be decided later. The project was flagged off by Shaikh Ahmad bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority. It was attended by Mohammad Al Zarooni, Vice-Chairman and CEO of DSOA, and Yusuff Ali M.A., Chairman and Managing Director of Lulu Group.
“Expo 2020 will open up multiple location possibilities for Lulu. I don’t think we are anywhere near saturation in Dubai,” said Yusuff Ali. “And it will not be just a Dubai expansion story for Lulu-Abu Dhabi’s Western Region development offers multiple possibilities. New residential areas will each require retail.”
The Silicon Oasis project represents one of the single largest the Group has launched recently. The location already has a sizable resident base as well as those who populate its office properties. The nearest existing shopping destinations are the Outlet Mall on the Dubai-Al Ain highway and City Centre Mirdif.
The Lulu mall will have 300 plus outlets including 12 anchor stores. A Lulu hypermarket will take up 200,000 square feet. There will also be a 12-screen cinema and 50 plus F&B outlets, in keeping with the trend of mall developers maxing up on leisure and entertainment options in addition to shopping.