IKEA expects to serve nearly 1.3 million visitors in the first year of operations it opens for business on Yas Island, the new leisure and entertainment destination under development in Abu Dhabi by Aldar Properties, in early 2011. IKEA, Swedish furniture retail giant, already has four stores in the region – one in Kuwait and three in Saudi Arabia — with different franchises. In the UAE, it currently has two under the franchise relations of Al Futtaim Group and third one will be ready in Abu 
Dhabi next year. “We are looking for similar rights in Qatar and Oman,” Mile Franicevic, Group Director of Al-Futtaim’s retail business told reporters after the groundbreaking ceremony on
 the Yas Island. Franicevic said that it would be a joint venture in Doha and most probably a combination of residential and commercial segments. “MoU [Memorandum of Understanding] will be signed in March this year and then we will disclose further details,” Franicevic said. Al Futtaim Group has ventured into property overseas with Festival City-style projects in Cairo. “In short-term our focus is on Egypt because Al Futtaim is developing a Cairo festival city, which is a version of Dubai 
Festival City. Earlier, IKEA UAE and Abu Dhabi-based Aldar Properties jointly broke ground on Yas Island for the biggest IKEA store in the Middle East The IKEA store will form part of Yas Island’s retail centre based around Yas Mall, featuring a wide range of retail categories from individual boutiques to large format value retailers, the company said in a statement. The present IKEA store in Marina Mall will relocate to Yas Island where it will be a full-fledged concept store. IKEA also operates a store at Dubai Festival City. “The IKEA store on Yas Island will be a complete family destination and will serve the IKEA concept with its full service-warehouse. We have already determined the ideal store size and depth of range, and if all goes well, are hoping to be up and running within one year from
 today,” Franicevic said. Franicevic confirmed the 32,000 square metre store would be a strong impetus for the Swedish retailer to push ahead with plans to expand into the region. “Our business continues to grow in the Middle East, more so in the present economic environment. This is proof of the strength of the IKEA brand in this part of the world and the intense loyalty of our customers. Mohammed Al Mubarak, chief commercial officer, Aldar Properties, said: “Aldar is committed to bringing the very best international brands to Yas Island and all its retail developments, and the start of construction on the Middle East’s finest IKEA store is a great milestone in achieving this goal.” 
 abdulbasit@khaleejtimes.com