Majid al-Futtaim Group (MAF) plans to invest AED30bn in the next 10 years in the UAE, which will increase its total investments in its home market to AED48bn, according to Alain Bejjani, CEO. The plan is to develop 10 new shopping malls under the City Centre brand, including a new mall in Dubai, its first megamall is Sharjah and a community mall in Masdar City in Abu Dhabi. This comes as part of a 740,000 sqm mixed-use residential, retail, hospitality, commercial and leisure community. MAF also plans to undertake expansions of six of its 19 malls. MAF’s hotel portfolio is also set to grow by two thirds in the next 10 years through the addition of six new properties including hotels at Mall of the Emirates, and City Centre Mirdif. This will bring the total number of keys operated to 4,800, with delivery of new hotels projects expected between 2019 and 2021. MAF also plans to further expand its consumer finance business and introduce advanced healthcare clinics across the UAE. The expansion will also see the addition of 30 new Carrefour supermarkets in the next 10 years. MAP may tap the debt market to finance its expansion plans. (MEED)