MH Alshaya Co. has signed an anchor tenancy agreement with the $1.6 billion Doha Festival City project, which will see the company bringing in 50 well-known brands to the new retail, entertainment and leisure complex.
The project is currently under construction in Doha by Bawabat Al-ShamalReal Estate Co (BASREC), the Arabian Business.com said.
A signing ceremony in Dubai between Omar Al-Futtaim, vice chairman of Al-Futtaim, the part-owners of Basrec through Al Futtaim Real Estate Services (AFRES), and Mohammed Alshaya, executive chairman of Alshaya, has formalized the partnership.
Alshaya, which is the franchise operator for some of the world's best known retail brands, plans to open stores for the likes of 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 meters, Alshaya said in a statement.
Mohammed 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. 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."
Omar Al-Futtaim added: "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."
The second phase of the $1.6 billion Doha Festival City mega-project has begun, it was reported this week, with a completion date of 2016 slated.
The Saudi Gazette
29 April
