Mall developer MAF to pump 3b dirhams into Dubai

[DUBAI] Dubai mall developer Majid Al Futtaim (MAF) said that it will invest another three billion dirhams (S$1.04 billion) over the next five years to expand its business in the emirate, seeking to take advantage of a trade and tourism boom at its home base.

MAF, famous for building an indoor ski slope in Dubai, is expanding aggressively in the Middle East and aims to double the size of its business by 2018.

It has been helped by a tourism-led recovery in Dubai's economy since 2011, which benefited from a safe-haven status amid the regional Arab Spring uprising. About 70 per cent of MAF's assets are currently based in the United Arab Emirates.