Dubai developer Majid Al-Futtaim (MAF) plans to invest a further AED30bn ($8.16bn) in the UAE by 2026, according to a company statement.

As part of that investment, City Centre Sharjah will undergo a $71m redevelopment set for completion in the last quarter of 2017.

The move comes as a result of the company’s “analysis into the changing needs of both residents and tourists in the UAE”, said the statement.

MAF recently completed and opened its new My City Centre mall in the Al-Barsha area of Dubai.

The mall, which cost AED57m ($15m), will be the developer’s twentieth mall and is located near the Villa Lantana residential community in Al-Barsha South.

The main contractor on the project was the local Amana Contracting & Steel Buildings while the Dubai-based Archcorp served as the project’s lead architect.

MAF has also received bids from contractors for the contract to build its Al-Zahia mall development in Sharjah.

The mall developer issued a 10-year $500m sukuk (Islamic bond) in November 2015, following it with a $300m tap in mid-2016. It has a coupon rate of 4.5 per cent. MAF is rated BBB by the US’ Standard & Poor’s and the UK’s Fitch Ratings.