16 December 2019

Al-Futtaim Malls has leased 80 percent of the retail space at its 1.5 billion UAE dirhams Festival Plaza Mall in South Dubai, a top company official said.

Group director Timothy Earnest told Thomson Reuters Projects that the 64,800-square metre (sqm) shopping mall, scheduled to be opened on Wednesday, will serve the upcoming Wasl Gate mixed-use community and beyond.

"Festival Plaza will include IKEA and ACE stores and Lulu Hypermarket," he said on Sunday on the side lines of Cairo Festival City expansion event in Cairo.

Earnest said the mall would host the second IKEA store in Dubai, spread over an area of 30,000 sqm while ACE and Lulu Hypermarket would be unveiling new concept stores.

The new mall would house a total of 120 stores, 40 restaurants, a 500-seat food court and 2,310 parking spaces, according to past press statements issued by the company.

(Reporting by Marwa Abo AlMajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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