Fakhruddin Mall opens in Ajman

The mall took three years to build with assistance from a range of local contractors and partner companies such as Manama Trade Group, who invested in the project and now manage the world-class market complex.

The Fakhruddin Mall is one of the largest in the emirate and boasts a huge market complex, a variety of different galleries housing every conceivable type of shop, cafe and a wide range of restaurants and eateries to cater for every taste and budget.

New figures reveal that the GCC region boasts the world's fastest-growing commercial real estate market with an increase of 565% measured since 2000 and it is predicted that large-scale developments, such as the newly-opened Fakhruddin Mall, will form a significant percentage of this market, which is expected to increase to seven times its size in the decade leading up to 2010.

The retail sector alone is estimated to be worth $100bn and is second only to the oil industry in terms of its importance as a driving force behind the GCC's booming economy. These figures, combined with an estimated retail spend in Dubai's shopping malls that will exceed $7.5bn in 2009, make it the ideal time for investors and developers to bring new mall developments online.

Commenting on the figures, Fakhruddin's CEO, Mr. Yusuf Fakhruddin, said: "The GCC region's commercial real estate market has been going from strength to strength for some time now and developers are riding this wave of success by initiating many new developments. It is good news for everyone in the region, from consumers who will shop at the new malls, to international brands who want to set up premises in the region and investors, who will achieve excellent returns due to the buoyant market.

"As an established company in the commercial real estate sector, we are pleased that our long-term strategy of opening large malls, such as our brand-new Ajman-based development, which covers 135 thousand square feet, looks certain to benefit the region and everyone involved in the project. We have several similar projects in the pipeline so that we can continue to capitalise on this market trend."