Alshaya inks tenancy deal with Doha Fest City
Dubai, April 25, 2013
Doha Festival City, a giant retail and hospitality complex being built by a consortium including UAE-based Al Futtaim Group, said it has reached a strategic anchor tenancy agreement with top international retail franchise operator MH Alshaya Co to open some 50 retail and food brands at the upcoming mall.
Due to open in 2016, The Doha Festival City will offer retail, entertainment, hospitality, supermarket and automotive showrooms.
As part of the deal, Alshaya will bring around 50 lifestyle, fashion and footwear, food, health & beauty and home furnishings brands to the new retail, entertainment and leisure complex currently under construction in Doha by owners Bawabat Al-Shamal Real Estate Company (Basrec).
The agreement was signed by Omar Al Futtaim, the vice chairman, Al-Futtaim, the part owners of Basrec through Al Futtaim Real Estate Services (AFRES), and Mohammed Alshaya, the executive chairman of Alshaya in Dubai this week.
Commenting on the tieup, Alshaya said, “We are delighted to extend our association with Al-Futtaim, a group that we have worked with successfully for many years. Doha is a vibrant city with a brand savvy population who love the international brands we operate."
Alshaya, which is the franchise operator for some of the world’s best known retail brands, plans to open up to 50 different stores, cafes and restaurants within the mall including H&M, Debenhams, Mothercare, Topshop, Starbucks, Bath & Body Works, Shake Shack, Pinkberry and Pottery Barn. In total Alshaya stores will cover a combined area of approximately 25,000 square metres.
"We are confident that Doha Festival City will be an exciting addition to Doha’s retail mix and look forward to bringing some innovative and iconic brands to Qatar’s capital," he added.
Omar Al-Futtaim said, "We are very excited about the plans for Doha Festival City which we believe will create an outstanding shopping and leisure destination for Qatar. As with all the malls we develop, we strive to create an environment that brings the best brands and the widest choice to our customers."
"Through our strategic anchor agreement with Alshaya we look forward to supporting that goal at Doha Festival City," he added.-TradeArabia News Service