H.H General Sheikh Mohammed launches Aswaq - the neighbourhood retail stores project

H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of the Board of Mohammed bin Rashid Establishment for Young Business Leaders, which is managing Aswaq project said, "Under the directives of H.H General Sheikh Mohammed bin Rashid Al Maktoum, 10 plots of lands have been allocated in a number of neighborhoods for this project. This indeed reflects his continuing support for young nationals to further the economic interests of the country by offering optimum opportunities to encourage entrepreneurship."

He added, "Aswaq is a new initiative for the young UAE nationals who will benefit from the growth of the retail sector in the country either through establishing their own projects through Aswaq or through owning stocks or shares in the new company which will be handling the operations and management of Aswaq."

The Chairman of the Mohammed bin Rashid Establishment said, "Aswaq and the initiatives of the Establishment complement each other as it grants young nationals new investment opportunities. Aswaq also enables young nationals to enter the retail sector which has always suffered from the decline of local investments. This project will help increase the number of projects owned by young nationals under the Establishment in various sectors."

He said that the importance of Aswaq lies not only in the fact that it gives promising investment opportunity for shareholders but also in highlighting the SME efforts to encourage local investments in the small and medium enterprises sector. The project reflects the active role the Establishment plays under the directives of H.H General Sheikh Mohammed who is keen on increasing local participation in the development of the country."

The ten retail stores will be established in some of the busy neighborhoods and the ones currently under construction, all of which still lack retail stores.

Aswaq aims to encourage nationals to invest and obtain direct and indirect revenues through establishing these projects in their neighborhoods or through the share revenues as all those who are members of the Establishment whether young nationals or families are welcome to participate in this new project including the co-cops or similar investors.

The project will feature facilities and services that complement eachother as it will include small co-ops as well as laundry, pharmacy, beauty salon, men's salon, fast food restaurant, fun zone for kids, and parking lots. The Establishment will define the criteria for the investors as well as the overall design of the shops which will have identical interiors and exteriors. The modern shops will include high quality products and services.

The 'Mohammed bin Rashid Establishment for Young Business Leaders' is one of the principal bases for DDIA strategy and targets to provide the small and medium sectors with ideas and initiatives and guide the efforts of young UAE nationals. The installation of the Establishment is based on the vision of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence for 2010 which outlines the role of UAE nationals in the development and progress of the nation.