UAE's Mulk Holdings forays into retail segment with US$ 40m worth shopping centre project in Nigeria

Sharjah-December 08, 2014:Mulk Holdings, the UAE based multinational conglomerate with diversified business interests,has announced that it’s entering into global retail segment by investing US$ 40million in developing a landmark DutyFree shopping center in Lagos, Nigeria.

The company has signed a contract withleading global retailerSuzanne Groupfor developing the Duty Free shopping center at the prestigious National Theatre of Nigeria, which is Nigeria’s iconicdevelopmentlocated in the heart of Lagos. The agreement will give rights to both parties to establish a global Duty Free shopping destination in the National Theatre.

HE Edem Duke- Honorable Minister of Tourism in Nigeria; Mr. KabirYaradua-CEO of National Theatre; HEAlhaji Bashir Yuguda- Ambassador of Nigeria to the UAE;Mr. Nawab Shaji Ul Mulk- Chairman of Mulk Holdings; and Mr. Arif Hafiz- Managing Director of Suzanne Group attended the signing ceremony held recently at the Embassy of Nigeria in Abu Dhabi.

Mulk Holdings and its Joint Venture partners own and manage a group of 20 companies having diversified business interests and spread globally across 48 countries. The Suzanne Group is a global retail operator and registered supplier of goods and services to several organizations and offices of the United Nations. With its corporate headquarters in Dubai, the Suzanne Group caters to Duty Free shopping outlets in international airports and seaports;diplomatic Duty Free shops in downtown; and supplying products forin-flight Duty Free services of airlines.

HE Edem Duke- Honorable Minister of Tourism in Nigeria, said, “As part of the continuous drive to promote culture and tourism in the country, the Federal Government of Nigeria (FGN) is now revisiting the Master Plan of the National Theatre, making necessary arrangements to transform the land into a modern mixed-use commercial and business hub of global standards.”

HEAlhaji Bashir Yuguda- Ambassador of Nigeria to the UAE, said, “The National Theatre has been the hub of cultural activities in Nigeria, since its establishment in 1976. The development of the Duty Free shopping mall within the National Theatre will compliment and kick start the master development programme designed for this area.”

Commenting on signing the contract, Mr. Shaji Ul Mulk, Chairman of Mulk Holdings, said, “We are extremely happy to partner with Suzanne Group to develop the landmark shopping mall project, which is estimated to complete in the year 2016at total investment ofUS$ 40 million.

“Mulk Holdings is adopting aggressive strategies to expand its core business, while diversifying into other sectors like retail, commodities, healthcare and energy solutions. Our vision 2020 is an ambitious initiative, which involves serious investment into bothour existing businesses and diversification into sustainable industries,” he added.

Upon signing the agreement, Mr. Arif Hafiz- Managing Director of Suzanne Group, said, “We are proud to sign this milestone contract with Mulk Holdings, which is one of the major global business groups in the UAE.The Duty Free project aims to promote tourism by attracting foreign tourists and Nigerians as well to buy global brands and quality products manufactured in Africa. The projectwill give foreign tourists an opportunity to experience the goodness and variety of Nigerian market and to make Nigeria the most attractive duty free shopping destination.”

Mr. KabirYaradua, CEO of National Theatre; said, “The interior of the National theatre will be designed, renovated and converted to a grand modern international Duty Free and retail shopping mall.”

“The project is to convert approximately 30,000 square meters of the existing space in The National Theatre into Duty Free and retail shopping mall with all state-of-the-art facilities for the Nigerian and international shoppers. The total project will be developed in two phases. The phase one will be 15,000 square meters and the second phase will involve another 15,000 square meters,” he elaborated.