Tuesday, October 07 - 2008

Dubai World Central to add to Dubai's high value retail footfalls

Dubai World Central (DWC) - the upcoming 140 square kilometre city-within-a-city in Dubai, United Arab Emirates - has signed a Memorandum of Understanding (MoU) with the Majid Al Futtaim Group, a leading company in developing leisure, entertainment and shopping centres, to help conceptualise some of DWC's upcoming retail districts.

  • United Arab Emirates: Saturday, June 14 - 2008 at 11:23
  • PRESS RELEASE


Al Sowaidi and bin Harib sign MoU to explore DWC's retail districts concept.
Al Sowaidi and bin Harib sign MoU to explore DWC's retail districts concept.

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DWC will provide its residents and visitors at least 1.93 million square metres of retail facilities over the next decade.

The MoU was signed by Khalid bin Harib, CEO, Real Estate, Dubai World Central, and Mohammed Essa Al Sowaidi, Vice President - Commercial, Majid Al Futtaim Developments, a part of the Majid Al Futtaim Group.

As part of the agreement, DWC will explore how Majid Al Futtaim Group can provide expertise and retail consultancy to DWC's retail facilities. The Group will explore new concepts for the brand new city which will be home to at least 900,000 people.

DWC's three real estate components, DWC Residential City, DWC Commercial City and DWC Golf City, which will see its first residents move in by 2009-10, will see a growth of 10 per cent to the emirate's booming retail market.

'DWC is nearly twice the size of Hong Kong island and nearly 29% of the project is dedicated to real estate developments, translating into 40 square kilometres,' said Khalid bin Harib.

'Malls in Dubai currently see over 140 million footfalls annually. The Majid Al Futtaim Group pioneered the concepts of mega malls and hypermarket and has taken its pioneering concepts into other major cities in the Arab world increasing high value footfalls across the region.'

Of DWC's real estate spread, 20% will translate into retail units.

'New Dubai is the future of Dubai and DWC will form the heart of the region's booming economy,' said Mohammed Essa Al Sowaidi. 'The synergy we hope to develop with DWC in terms of its retail developments will be key to how tourists visiting the emirate will have a seamless shopping, leisure and entertainment experience.'

DWC provides for mid-income housing at DWC Residential City while DWC Commercial City will have a mixed-use development. DWC Golf City is being designed for premium living with all DWC residents having access to the best amenities being developed by Dubai World Central.




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About Dubai World Central
Dubai World Central (DWC) is a 140 square kilometre urban aviation community centred around the world's largest international airport. Currently being built 40 kilometres from the existing Dubai International Airport the project is almost twice the size of Hong Kong Island.

DWC creates a new benchmark in urban planning and destination living designed to support Dubai's aviation, tourism, commercial and logistics requirements until 2050 and represents one of the most important developments in the history of the United Arab Emirates.

Eventually home to 900,000 people, DWC will be true 'city-within-a-city' with all the amenities that make up a world-class residential destination.

DWC, with infrastructure costs estimated at $33bn, comprises six specialized clustered zones: Al Maktoum International Airport, Dubai Logistics City (DLC), DWC Commercial City, DWC Residential City, DWC Aviation City and DWC Golf City.

DWC is endorsed by the Government of Dubai and is chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai City of Aviation Corporation - Dubai World Central, Government of Dubai.

About Dubai World Central components:
Al Maktoum International Airport when completed will be the world's biggest passenger and cargo hub, with a capacity of 120 million passengers and more than 12 million tonnes of cargo annually. The airport will have six parallel runways and as many concourses with a 91 metre high control tower that will be an aviation landmark in the Middle East.

Dubai Logistics City (DLC) will be part of the world's first truly integrated multi-modal logistics platform in a single-bonded free zone environment made up of DLC, JXB and Jebel Ali Port. It is designed as the region's unchallenged logistics hub catering to some two billion people throughout the Middle East, Indian Sub-continent, Africa and the CIS, all within three-to-four hours flying time from Dubai.

DWC Aviation City will be the region's premier centre of excellence for aviation manufacturing, MRO, aviation support services and consultancy, research and development, training, aviation products and parts and high tech industries. It is a unique concept to establish a complete aviation cluster in one area to cater to the region's aviation growth. It is strategically located to provide clients access to emerging markets as well as servicing the fast growing Middle East market.

DWC Commercial City will be DWC's business and finance hub featuring more than 850 towers, ranging from 1 - 45 storeys in height. The city, expected to employ 130,000 people, will also boast 25 hotels ranging from deluxe, through to five-star, four-star and three-star properties.

DWC Residential City will include a mix of five-ten storey mid-cost apartment blocks. Up to 250,000 people are expected to live in this 'city'. A special staff village will house blue-collar workers within high-quality accommodation.

DWC Golf City will feature two 18-hole golf courses, extensive practice facilities, driving ranges, putting greens, a luxury clubhouse with restaurants and a pro-shop. Over 5,000 freehold homes will surround the courses. The resort will also feature a high-end boutique hotel.

About Majid Al Futtaim Group
Majid Al Futtaim Group is the region's most prominent property and shopping malls developer. The Group opened its first shopping mall in 1995 and has since created businesses of international significance which have changed the face of shopping, entertainment and leisure in the Middle East and North Africa (MENA). Over the past decade the Group has taken his groundbreaking concepts into other major cities in the United Arab Emirates and throughout the Middle East and North Africa including; Oman, Qatar, Saudi Arabia, Bahrain, Egypt, and Lebanon.

The Group consists of a number of core businesses that complement one another, yet are separately managed. This provides maximum flexibility and potential, enabling the operating divisions to seize their own opportunities yet work together on major projects.

The Group is widely known for its iconic and internationally recognized Mall of Emirates, the largest shopping resort outside North America. Mall of the Emirates is also home to Ski Dubai, the first indoor ski resort in the region. In addition, the Group owns and operates the City Centre brand which spreads across the UAE, Oman, Egypt, and Bahrain. The emphasis on great design, critical tenant mix and customer focus gives the Group an exceptional portfolio of impressive projects.

For more information please contact:

MCS/Action
PO Box 20970, Dubai, United Arab Emirates

Gladson Ronad
Tel: +9714 390 2960
Fax: +9714 390 8161
Mob: +971 50 4533479

or

Fouad Kassem
Tel: +9714 390 2960
Fax: +9714 390 8161
Mob: +971 50 6324150
Medilyn Manibo Posted by Medilyn Manibo, Assistant News Editor
Saturday, June 14 - 2008 at 11:23 UAE local time (GMT+4)

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