FG pulls $40m to transform National Theatre to duty-free shopping centre

The Federal Government has pulled a $40 million investment from United Arab Emirate based Mulk Holdings to transform the National Theatre in Lagos into a duty-free shopping centre.
Though the details of the deal still remain sketchy, findings by BusinessDay revealed that the shopping centre will be ready by 2016 when the ‘hub of cultural activities’ would have been fully redesigned and renovated into a modern retail centre mall by Mulk Holdings in partnership with the Suzanne Group of Companies.
In addition, the project is expected to convert approximately 30,000m2 of the existing space in two 15,000m2 phases.
According to a recent GulfAfrica report, Mulk Holdings, a diversified UAE-based business conglomerate was quoted as announcing its entry into the retail sector in West Africa through the $40 million joint venture to develop the National Arts Theatre in Lagos into a duty-free shopping centre.
“The interior of the National Theatre will be redesigned and renovated into a modern duty-free and retail shopping mall. The project will convert approximately 30,000m2 of the existing space in two 15,000m2 phases,” said Kabir Yar’Adua, CEO of the National Theatre.
“The National Theatre has been the hub of cultural activities in Nigeria since its establishment in 1976, and this development will complement and kick-start a master redevelopment programme designed for this area,” Bashir Yuguda was quoted as saying during the signing ceremony.
Shaji Ul Mulk, chairman, Mulk Holdings, expatiating on the details of the project, noted that the mall will be delivered in 2016.
“Mulk Holdings is adopting aggressive strategies to expand its core business, involving serious investment into existing businesses and diversification into sustainable industries,” Mulk said.
It would be recalled that the Federal Government through the Ministry of Tourism, Culture & National Orientation had recently requested for an expression of interest from willing investors for the concessioning of the fallow ground within the Theatre’s premises, with the aim of giving the nation’s cultural heritage a vibrant image that will increase tourism and also allow concessionaires recoup their investment.
Highlighting the investment potential of the city to investors at the forum, Aminu Dikko, director-general, Infrastructure Concession Regulatory Commission (ICRC), noted that there was an increasing awareness worldwide of the critical role the private sector could play in the accelerated provision of infrastructure through PPPs.
The proposed development, according to the promoters, is to offer visitors and tourists a modern, diverse, localised and exciting experience characterised by modern architecture and design, with a wide range of business and recreational facilities of international standard within a serene environment.