Categorized | Corporate & Business, Retail

Royal Star International completes construction of USD 830 million shopping mall project in Iran

‘Fars Shopping Complex’ set to be the world’s largest mall in terms of number of shops with 2,500 shops

June 21, 2011

2131Royal Star International, a UAE-based conglomerate specializing in the development of multiplexes and shopping malls, has announced the completion of its flagship USD 830 million (AED 3 billion) world-class shopping mall project in Shiraz, Iran. The ‘Fars Shopping Complex’ will be the world’s biggest mall in terms of the number of shops in one complex, offering 2,500 shops for lease upon its opening in September 2011. It will also be the world’s fourth biggest mall in terms of total area stretching out to around 420,000 square meters, closely following the Dubai Mall. The landmark development is the crown jewel in Royal Star’s current project portfolio and strongly demonstrates the company’s continuous growth with over USD 1.5 billion in assets and equities reported in 2010. Further, the project will also house a luxurious five-star hotel, an amusement park and world-class exhibition and convention centres.

The project has been constructed on a 150,000 square meter plot of land in Sadra, Shiraz, and is currently being prepped for the official opening in September this year. Royal Star has shared that the large complex will house a 14,000 square meter Carrefour Hypermarket; six 240-seat capacity cinemas that will offer the most modern 2D, 3D, and 4D screening equipment; an indoor amusement park; a 28,800 square meter arcade offering interactive video games, bowling alleys and a three-storey billiard hall; and a four-storey parking area that can accommodate 5,500 cars. One of the main attractions of the new complex is a large outdoor amusement park called ‘Iran Land,’ which will feature state-of-the-art thrilling roller coaster rides.

“Royal Star is thrilled with the launch of this world class project. Not only will this mall be the world’s largest in terms of retail space but will also put Shiraz in the spotlight as one of the emerging destinations in the Middle East region,” said Hamzah Abu Zannad, Director Of Operations, Royal Star. “The ‘Fars Shopping Complex’, which will house renowned global brands and fashion labels, will also include indoor and outdoor dining facilities offering the best of local, regional and international cuisine. The mall, which will also boast an interactive entertainment arcade, could go a long way in enhancing international and local tourism within the country, and is a testament to our growing commitment to provide the region with world class projects.”

The ‘Burj Fars Hotel,’ a luxurious five star hotel, is set to be located at one end of the mall and is scheduled for opening towards the end of 2012. Currently; the super structure of the tower has been completed and is undergoing the internal fit out phase in accord with the 5 star international Standard Ratings. The hotel will feature 231 deluxe rooms, 28 Royal suites and 3 VIP Presidential suites, indoor and outdoor swimming pools, tennis courts, world-class dining facilities, health and wellness facilities, a convention center and a helipad. The hotel, which will stand 150 metres high, is set to be the tallest building in Sharaz and is being positioned as an iconic landmark located in the monumental ‘Fars Shopping Complex’. The five-star hotel, which will be operated by a prominent Italian hotel operator, is set to redefine luxury standards by offering its guests the first unique Persian opulence experience inspired by the country’s glorious past where luxury and indulgence originated.

“The ‘Fars Shopping Complex’ ably reflects our growth over the last few years and clearly shows our leadership in the development and creation of world class facilities. Aside from building malls, Royal Star has successfully expanded its operations to other industry segments like contracting, banking and finance, food and beverage, hospitality, retail, and exhibitions and convention centres. Our ventures into the region’s key areas of development complement our vision and mission to be an iconic brand that continuously applies innovative strategies that have been designed to give our customers the ultimate magical experience,” concluded Hamzah Abu Zannad.

Royal Star is one the biggest shopping mall developers in the world operating in several countries in the Middle East and Eurasia, with more than 750,000 square meters delivered and a total of 5,300 retail shops currently operational within its portfolio and 1.25 million square meters in the pipeline to be rolled out over the next two years. The company distinguishes itself by keying in strategic designs that offer a unique shopping experience for both the retailers and the end users. Royal Star has excelled in this concept and has created a hybrid that includes shopping and entertainment; a one-stop-shop for all the family needs; theme parks merged with museums; theatres and green parks.

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