DFC signs pact with top franchise operator

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DFC signs pact with top franchise operator
11:51 PM
25
April
2013


Omar al-Futtaim and Mohamed Alshaya shake hands at the signing ceremony.


Doha Festival City (DFC) has announced a strategic anchor tenancy agreement with the M H Alshaya Company, the leading international retail franchise operator.
The agreement will see Alshaya bring around 50 lifestyle, fashion and footwear, food, health and beauty and home furnishings brands to DFC.
The new retail, entertainment and leisure complex currently under construction in Doha by Bawabat Al-Shamal Real Estate Company (Basrec), is expected to see the opening of its second phase in Q1 2016.
The first phase of Doha Festival City opened last month when Ikea, the Swedish furniture retailer, launched its Qatar store.
A signing ceremony between Omar al-Futtaim, vice-chairman, Al-Futtaim, the part owners of Basrec through Al-Futtaim Real Estate Services, and Mohamed Alshaya, executive chairman of Alshaya, was held in Dubai this week to formalise the partnership.
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 Doha Festival City 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 25,000sqm.
Alshaya expressed his delight to extend the association with Al-Futtaim and expressed confidence that Doha Festival City will be an exciting addition to Doha’s retail mix.
Al-Futtaim stated that Doha Festival City 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.”
The 433,847sq m Doha Festival City is owned and developed by Basrec, the parent company which is supplying the land. Basrec comprises four shareholders, including Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank, Aqar Real Estate Development & Investment and a private Qatari investor. The second phase of Doha Festival City is also scheduled to house Qatar’s “largest mall”, a major entertainment component, hotel and conference centre and motor showrooms.




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