Shopping Centers Today

JAN 2014

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Land along the Red Sea, in Egypt, is up for sale to Gulf state investors for tourism development, according to the Ministry of Tourism. Gulf Related, the joint venture between The Related Cos. and Gulf Capital, is set to begin construction soon on Sowwah Central, which will be a 1.7 million-square-foot mall in Abu Dhabi containing 300,000 square feet of food and beverage tenants. The mall is scheduled to open in the fall of 2017. Fortnum & Mason says it will open a store in Dubai next month. The threelevel store, going up near Burj Khalifa, will be the London-based luxury retailer's third store and its first outside Britain. It will be operated in partnership with franchiser Al Khayyat Investments. Gry ffindo r Aeon, of Japan, is set to build four malls in Vietnam. The first of these, to be called the Aeon Shopping Mall Tan Phu Celadon, is scheduled to open this month. Two of the shopping centers will be located in Ho Chi Minh City. Three malls in Paraguay barred 23 senators this past Christmas to protest a Senate vote permitting Sen. Victor Bogado, of the ruling Colorado Party, to keep parliamentary immunity and avoid prosecution on corruption charges. Shopping del Sol, Shopping Mariano and Shopping Mariscal López, all in Asunción, and several restaurants, bars, hotels and movie theaters all participated in the action. CapitaMall Trust will spend S$65.1 million (about $52 million) on capital expenditure and asset-enhancement initiatives in its property portfolio in Singapore. This amounts to about 26 percent of the proceeds from its recent private placement of securities. The Avenues, Kuwait's largest mall, won the Gold for Best Shopping Center 2013 in the renovation and expansion category, at this year's RECon Middle East. The 270,000-square-meter mall (about 2.9 million square feet) houses about 800 tenants. Built by the Mabanee Co., it is one of the largest centers in the world. J an uar y 201 4 / Sct 13

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