Emaar launches AED20 million Dubai Mall Fund

Mohamed Ali Alabbar, Chairman, Emaar Properties announced the initiative during the launch of The Dubai Mall Leasing Centre.

Once selected, each innovative retail project will be granted a loan of AED 200,000. Emaar will support by providing each project with assistance with the business plan, shop design, and alignment with the Small and Medium Enterprises-focused programmes of the Dubai Department of Economic Development.

The Dubai Mall Fund consists of a start-up programme which will provide start-up loans to support the 100 most innovative and transformational new retail concepts that symbolize creativity at the cutting-edge of retail and services.

The selection methodology begins with the selection and nomination of 100 candidates followed by screening through verification and reviewing committees and due diligence by select external agencies. The final decision will be taken by the Board of The Dubai Mall Fund.

The individuals selected by the Fund will be innovative and inspiring individuals who challenge conventional retail in the UAE and are committed to contribute to His Highness General Sheikh Mohammed bin Rashid Al Maktoum's Vision 2010 master plan.

The Dubai Mall Fund will play an important role in encouraging the participation of national talent in developing the world's largest shopping and entertainment mall. It should also ensure that some of these become the future retail leaders in Emaar's globally recognised Burj Dubai Development project.

'The Dubai Mall Fund epitomises the dream that is the Burj Dubai Development project. Building on the UAE's rich, traditional commercial culture, this Fund helps our aspiring young men to reach for what others might view as unattainable,' Alabbar told the media.

'My belief always has been that the most enriching experiences involve creativity, exchange, commitment and personal drive. The Dubai Mall Fund enables us to identify and foster our very own creativity potential - and to create the fertile soil to provide future retail leaders with start-up funding and access to a global platform for experience exchange that they might otherwise lack.

'Without doubt, creativity and innovation will continue to have a profound impact on our society. As Dubai grows into a world-class hub for business, trade and tourism, it needs to develop its own flavour for creativity, its own trend of originality, become a factory of new ideas, a leader in defining retail concepts,' Alabbar concluded.