Dubai developer MAF turns to Iran for retail growth

A UAE developer with the licence to operate Carrefour SA stores in the Middle East is looking to boost its presence in Iran after opening a new hypermarket in the Islamic republic to tap demand for modern shopping centres.

Yahoo! BuzzMajid Al Futtaim (MAF) Properties, known for building an indoor ski slope in the Gulf's trade and tourism hub Dubai, is turning to Iran as it looks to add as many as 10 malls over five years in the Middle East and north Africa, the group's chief executive told Reuters in an interview on Monday.

Peter Walichnowski said the company was looking to launch a mega-mall project in Iran by 2012 after its latest retail project in the country's capital proved successful.

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