• HSBC

The Dubai Mall registers overwhelming response from retailers across GCC region

  • United Arab Emirates: Tuesday, December 16 - 2003 at 12:38
  • PRESS RELEASE

Following the announcement of The Dubai Mall - the world's most ambitious retail focused real estate development to date - EMAAR Properties has announced that it has been overwhelmed by over 1,000 enquiries from the region's retailers, as well as international marquee brands, eager to secure a space at the emirate's new world class mall of malls.

Commenting on the extent of the enquiries, Ibrahim Al Hashemi, Executive Director, Retail and Leasing Department, EMAAR Properties, said: "We have been inundated by the number of enquiries from around the region. Each retailer wants to be associated with the prestige of The Dubai Mall and we are delighted with the response."

Retailers who have made enquiries span the gamut of categories. They include fashion, sports and fitness, specialty restaurants, airlines and travel, music, education, banks, hardware, optical/eyewear, home furnishings and home appliances, electronics, computers and telecommunications, bookstores, bridal, watches and jewellery and more.

"With a footfall projection of 35 million shoppers in the first year of operation and projections for an annualised growth in mall traffic of about 20 to 30 per cent, it is no surprise that the region's retailers have spotted a lucrative opportunity," Al Hashemi continued.

The scheme will comprise five million square feet of retail space in addition to residential and retail amenities. The mall itself, equivalent to the size of more than 50 international-class soccer pitches, will be the largest shopping space in the world, bigger than West Edmonton Mall, Canada, and much larger than the Mall of America, in Bloomington, St. Paul, Minnesota.

With its three level glass façade, The Dubai Mall will feature distinct themed areas which include The Waterfront Atrium, Palm Boulevard, The Aquarium, The Boardwalk and The Grand Drive. The mall will also feature the world's largest gold souk where hundreds of shops will be housed under a dome detailed in the traditional craft tradition.

Adding to the excitement, the "Mall of Malls" is an integral part of the Burj Dubai project and will provide spectacular views of the world's tallest tower and the surrounding skyline. Hotels, private residences, cinemas and entertainment sites will radiate out in a series of ellipses from a tower that will magnetise interest and add prestige to the entire project.

An artificial lake and landscaped parks will add to the site's tranquillity. A residential facility of 2.5 million square feet is currently under construction while additional retail space will total 1.5 million square feet. For the convenience of shoppers and visitors there will be more than adequate underground parking for 16,000 cars, with even more surface parking next to the lake.

"The Dubai Mall will help transform Dubai from shopping capital of the Middle East to the shopping capital of the world. For a city where shopping is akin to a national pastime, The Dubai Mall will truly become the city's centrepiece," concluded Al Hashemi.
Ibrahim Al Hashemi, Executive Director, Retail and Leasing Department, EMAAR Properties. 
Ibrahim Al Hashemi, Executive Director, Retail and Leasing Department, EMAAR Properties.
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About EMAAR Properties PJSC: EMAAR Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of US$ 6 billion including the land bank, the Company's vision is to 'Shape the Future of Dubai' by focusing on innovation, meticulous planning and the continuous pursuit of excellence. The Company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.

Currently, it has ten major real estate projects under various stages of development. These developments include Dubai Marina, Arabian Ranches (including Gazelle), Emirates Hills, The Meadows, The Springs, The Lakes (including Hattan Homes), The Greens and EMAAR Towers in downtown Dubai. The company also owns and manages the Gold and Diamond Park and will soon launch on its ambitious plans to build Burj Dubai - the tallest skyscraper in the world.

While EMAAR continues to actively pursue expansion in its core business of innovative, high quality real estate development it has diversified into related business lines to further build value for its 41,000 shareholders. In line with this corporate belief, EMAAR also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking, Amlak Finance, the UAE's first and only mortgage finance company, EMRILL, a joint venture with the UK-based Carillion plc which provides innovative property and facilities management services, and it technology and communications company, Sahm Technologies.

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