Arab Investors to Build Hotel in Iran

A041791810.jpgTEHRAN (FNA)- The Majid Al Futtaim Group, developer of Sky Dubai and malls throughout the region, is due to construct its first hotel in Iran.

The Group, which has already bought its desirable land, also plans to enter the country with Carrefour, the world’s largest retailer, MAF Group CEO Anders Moberg said in an interview in Dubai today.

“We are going into Iran this year with the launch of Carrefour, and have just bought land for a hotel there. Our market sphere covers Egypt to Pakistan, including Iran, which altogether is a reach of 450 million consumers,” he said.
Earlier this month, the Majid Al Futtaim Group announced plans to enter the Iranian market with French hypermarket chain Carrefour in mid-2008 despite high land prices. The venture will be the first to introduce the hypermarket concept to Iran.

“We don’t have a mall in Iran yet, but if we do, we will definitely try to get Carrefour and other anchors that will drive traffic and attract a lot of people. It’s part of our formula to succeed,” he said.

The Majid Al Futtaim Group is developing its hospitality and investment units through a variety of ventures in the region.

Better known as pioneers in the development of mega-malls in the Persian Gulf, the Majid Al Futtaim Group achieved success in the regional retail industry first with Deira City Centre in Dubai, then with Mall of the Emirates.

The developer plans to have 30 shopping malls throughout the Middle East by the year 2015. Two current projects under construction include Bahrain City Center and Mirdiff City Center in Dubai.

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