Aamal Company Q.S.C., one of the GCC’s fastest growing diversified companies, is pleased to report that, City Center Doha, branch of Aamal, is among Qatar’s most popular shopping destinations with an average daily footfall of around 45,000, according to a report published by global real estate consultancy firm, CBRE.
Neven Grzeta, CEO of Qatar German Mall Management Company (a JV between Aamal and ECE), which manages City Center Doha, said: “City Center Doha succeeded in maintaining its leading market position as the preferred place for shopping in Qatar. This is a reflection of the success of Aamal ECE’s long-term strategy to create value by enhancing the mall’s tenant mix to create a unique lifestyle destination for customers. The continuous efforts and investments by Aamal in refurbishing the facilities, together with City Center Doha’s prime Westbay location, will ensure the mall keeps pace with the retail sector's rapid development in the country.”
He added, “Qatar’s retail real estate sector has seen tremendous development since City Center’s opening in 2000, including the addition of several malls in Doha. Through our active management and targeted investment programme City Center has maintained a leading position in the sector and I am positive that our long-term strategy and strong tenant relationships will ensure that City Center continues to thrive and maintain its strong competitive advantage in the years ahead.”
CBRE reports that top shopping centers in Qatar maintain stable tenancies and high occupancy, in spite of increased competition and weaker consumer confidence. City Center Doha is currently undergoing phase two of its redevelopment with significant investment by Aamal to enhance the current leasable area for a stronger and more upmarket tenant mix that is focused clearly on evolving consumer demands. The redevelopment has not affected the operations of existing tenants.
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