MENA Online retailer looks to follow the success of behemoth Alibaba, which generated $9 billion worth of e-commerce sales during China’s recent Singles Day.
The 2.3 million sqft mall, located in Al Maryah Island, is scheduled for opening in March 2018.
The latest renovation will add an 80,000 square feet Carrefour hypermarket, around 50 new retail brands and a number of street-based restaurants to the mall.
The opening is timed to coincide with the 2014 Formula 1 Etihad Airways Abu Dhabi Grand Prix.
The deal is Abraaj’s fourth investment into Southeast Asia’s food and beverage industry.
The first café will open in the UAE before November 2015, the company said in a statement.
The offer is for the whole company but Abraaj will accept no less than a 51 per cent controlling stake, it said.
The retail group will open 42 brands in Yas Mall, including the UAE’s first Pottery Barn Teen and Icing store.
The 1.9 km Night Souq, coming up on the south island, will be within walking distance of hotels, residences and the Deira Islands Mall.
The retail and malls unit of Dubai’s largest developer made a quarterly profit of Dhs321.18 million.
The spaces are available in Azure Residences and Club Vista Mare, two beachside residential and recreational projects.
The Drive at AKOYA will be extended to 2.5 kilometres from its initial length of 1.3 kilometres due to demand, the luxury property developer said.
The Abu Dhabi Macy’s will span about 205,000 square foot while the new Bloomingdale’s, the UAE’s second, will be spread across 230,000 square foot.
Yas Mall, developed by Aldar, is set to open in November and will feature over 370 retail and F&B brands.
The private equity firm has been in exclusive talks for months to buy a controlling holding in the restaurant group.
The distribution centre is also IKEA Group’s first direct investment in the region and is scheduled for completion in September 2015.
Carrefour City stores will cater to smaller neighbourhoods across Dubai and will offer convenient shopping options, Majid Al Futtaim said.
The company made a net profit of SAR303.74 million ($81.0 million) in the third quarter, up from SAR282.08 million in the year-earlier period.
The restaurant is among the first of five food and beverage outlets that Marka is planning to open by next year.
The Kingdom’s largest listed retailer aims to open six new stores on average each year.
Dubai’s airport retailer accounted for 5.19 per cent of global airport duty free business and almost three per cent of the wider duty free and global travel retail business.
The group will bring European brands such as Sonia by Sonia Rykiel, Berenice and Essential Antwerp to Dubai.
As the UAE’s shifts to omni-channel retail, industry players will have to innovate to keep pace.
Badrah Pavilion is Nakheel’s sixth neighbourhood retail centre and will serve 800 homes at the developer’s Badrah and Veneto communities.
The developer said that it will add an expansive retail offering at Riverpark, the project’s entrance plaza that interconnects the three theme parks.
Visitor figures at the mall in Dubai averaged 78,300 per day during the four-day break.
The group will acquire almost 10 per cent stake in British trading firm East India Company along with a 40 per cent share in its fine foods subsidiary.
The study noted that 33 per cent of the UAE residents expect to step up their luxury spending over the next few months.
The new plant will create about 300 jobs, the company said.
Up to 80 per cent of the UAE’s food sector is currently franchise-operated, according to Salem bin Dasmal, founder of Silver Spoon Investments.