DUBAI - Majid Al Futtaim Properties, the owner of Dubai’s Deira City Centre and Mall of the Emirates, is investing $4 billion in new projects in the Middle East and North Africa over the next five years as it seeks to double its portfolio, unfazed by an economic slowdown.

The company, which aims to be the largest developer and manager of shopping malls in the Arab world, is working on 14 new projects in several countries, including the UAE, Egypt, Syria, Lebanon and Oman.

"Our five-year plan is to double the portfolio from 10 malls to 20 malls in simple terms and double the floor space," Majid Al Futtaim Properties CEO Peter Walichnowski told Maktoob Business in an interview on Tuesday.

He said estimated investment in new projects will be $4 billion.

The company is opening one of the UAE’s biggest shopping malls in March next year in the Mirdif area of Dubai, taking the retail space under its management to 1.2 million square metres from 750,000 square metres currently.

By 2015, Majid Al Futtaim aims to grow its gross leasable area (GLA) to 2.2 million square metres.

Walichnowski said Abu Dhabi and Saudi Arabia are among the new locations where the company is looking for land.

“We are talking in Abu Dhabi ... We are in discussions on a number of sites in Jeddah and Riyadh,” he said, adding that these will be large destination malls with hundreds of retail stores and leisure facilities.

With hot temperature outdoors, large shopping malls in Gulf cities try to attract residents not only for shopping but also other activities.