The developer behind the under construction Mall of Qatar sees no risk to the $1bn project from low oil prices.
It is hoped all retailers for the mall will be signed up by the end of 2015.
Shem Krey, deputy managing director of the Mall of Qatar, said 85 percent of the mall – the size of 50 football pitches, is already taken and he expects 100 percent to be committed by the end of the year.
While Krey said the fall in the oil price had dented spending on luxury goods by Russian and Chinese tourists in Dubai, it was not affecting the Qatar project.
“We have not seen any slowdown in the retail community. For every space option, there are three alternatives,” Krey told a news conference at the World Retail Congress in Rome.
The mall, next to the stadium that is due to host the 2022 World Cup, is set to open August 20156, hosting 500 stores including a Carrefour hypermarket.
Krey said around 5-7% of the mall will house high-end luxury, 20% for restaurants and other food and drink outlets – with the remainder being filled by mid-tier brands.
Krey said he was not concerned about the impact of the scandal surrounding FIFA’s awarding of the World Cup to Qatar, noting that the tournament runs only for a short period and the mall was a long-term project that was part of the country’s massive investment in infrastructure.
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