Majid Al Futtaim (MAF) is building the first phase of its new City Centre shopping mall in the Me’aisem area of Dubai at a cost Dh275 million ($74.8 million), said a report.

The City Centre Me’aisem, a community-focused mall will serve the immediate needs of residents and working professionals, Dimitri Vazelakis, managing director of shopping malls at MAF Properties, was quoted as saying in the Gulf News report.

The mall, which will be set within one million sq ft area, will be located in the Me’aisem area of the Dubai International Media Production Zone (IMPZ), a 43 million sq ft site developed by Tecom Investments, it said.

It will be at the intersection of Al Khail Road and Shaikh Mohamad Bin Zayed Road in IMPZ and will be built by international contractor Brookfield Multiplex.

The phase 2 of the mall will address the expected population growth in the lead up to Expo 2020, as the emerging areas of IMPZ, Victory Heights, Jumeirah Golf Estates, Jumeirah Village Triangle and Jumeirah Village Circle develop further, Vazelakis said.

The construction of the first phase, which started in March, is expected to be completed by the third quarter of next year and will include 60 international outlets, said the report.

The development is part of the company’s Dh3 billion investment to expand its Dubai operations over the next five years, it added.