Lulu Group International has announced plans to build three new malls across the UAE in its biggest ever one-off investment in the country.
The malls will be built in Umm Al Quwain, Sharjah and Dubai over the next three years at a total cost of about $545m (AED2bn).
Lulu’s mall development and management division aims to build and operate the three malls, scheduled for delivery next year, 2018 and 2019, respectively, according to The National.
Marcello Larizza, the general manager at Line Investments & Property – Dubai, Al Ain and Northern Emirates said: "We have done our due diligence and all our malls will be servicing the local community.
"While there has been a softening in the global economy, we are being aggressive and bullish about the outlook because we have to look to tomorrow. If you look at Dubai’s plans for its theme parks and the Expo, this will take thousands of workers and employees that all need to live and eat,” he added.
“We will anchor all the malls with Lulu hypermarkets and supply many of the food and beverage outlets from our own Tablez [Lulu’s F&B arm] concepts."
Mall of Umm Al Quwain will be a single-level strip mall of 20,000sqm, with a seven-screen cinema to be completed at the end of next year.
Due to open in 2018, Avenues Mall Sharjah will cover 43,000sqm with premium restaurant and entertainment venues.
Larizza said that the group was also building three malls in India and another three in Saudi Arabia.