Majid Al Futtaim Group, the Dubai-based developer, has announced plans to invest $3.5 billion in four new malls across the Middle East.

The new shopping centres will be built in Egypt, Lebanon, Syria and the UAE and are scheduled for completion by 2014, the firm said in a statement on Sunday.

Majid al- Futtaim currently operates 10 malls across the Middle East and North Africa (MENA) region, it said.

“Shopping malls are important infrastructure for modern living in the MENA region,” said Peter Walichnowski, CEO Majid Al Futtaim Properties.

“Our experience has shown that not only do shopping malls drive footfall and sales for our retail partners, but also significantly contribute to the local economy of each mall.

“They help to enhance the value of the surrounding real estate, boost long term employment and provide significant new opportunities for small businesses.

The UAE’s new mall – Fujairah City Centre is being developed in partnership with the government-owned Fujairah Investment Establishment. It is set for completion in 2011 and will cover 30,000 sq m.

The Mall of Egypt will be located in Cairo and covers 158,400 sq m, with a completion date of 2013, while The Mall of Syria will be located in the Khams Shamat tourist development, about 17km west of Damascus. Work is set to finish on this mall in 2014.

Lastly, Beirut City Centre will be centrally located in Hazmieh, offering 180 shops spread across 60,000 sq m. This mall is set for completion in 2013.