Majid al-Futtaim Holding (MAF) has announced plans to invest AED3bn ($816m) to expand its businesses in Dubai over the next five years.

MAF, which acquired the regional franchise of the French supermarket chain Carrefour in May, said the investment was aimed at tapping Dubai’s economic resurgence and helping the emirate achieve its goal of attracting 20 million tourists a year by 2020.

The retail giant said it plans to build two new hotels; upgrade two existing hotels; enhance its Mall of the Emirates and Deira City Centre shopping malls; open four new Carrefour supermarkets and two new hypermarkets; and build a new 14-screen cinema complex.

MAF is also looking at developing a new 50-store community mall in a residential area of Dubai.

Under the investment programme, the Mall of The Emirates is to undergo an AED930m extension, the first phase of which will be a new AED100m fashion district. 

MAF is also planning to develop a new ultra-luxury branded hotel within Mall of The Emirates precinct, and is currently upgrading the Kempinski Mall of The Emirates.

The  developer also plans to build a luxury hotel in Deira City Centre, while the Pullman Deira City Centre hotel is undergoing a rebranding and refurbishment programme.

The firm also said that its subsidiary Majid al-Futtaim Ventures, which opened a new 7-screen cinema earlier this year, plans to invest a further AED307m to enhance existing properties, as well as build a new 14-screen cinema complex in one of Dubai’s shopping malls.

MAF, which operates 50 hypermarkets and 44 supermarkets under the Carrefour brand in several countries in the Middle East, North Africa and Central Asia, is also in talks with Egypt’s Al-Mansour Group to acquire the Metro supermarket chain and discount grocery store Kheir Zaman.