Dubai Festival City sponsors ICSC's World Summit in Istanbul

To be held in Istanbul in April, the World Summit, which is held only once every five years, will be attended by senior property, retail and investment executives from more than 80 countries.

"Shopping centres are much more than places to shop and eat. They are key components that raise standards of living, as well as engines for economic and community development, providing jobs and generating significant revenues for the towns and cities they serve," said Phil McArthur, Director, Marketing & Leasing, Dubai Festival City and member of the ICSC Committee.

Dubai Festival City says its summit sponsorship will bring the project numerous key benefits.

"The event will profile Dubai Festival City as a retail leader, enable us to develop even more strategic relationships and give this unique waterfront development global exposure to an audience of international influencers," explained McArthur.

"Our sponsorship will also go a long way to positioning Dubai as a truly global retail pioneer, which is instigating some of the world's boldest retail developments to serve a rapidly developing tourism destination."

Dubai Festival City is set to become a regional retail, hospitality and entertainment hub for the Gulf with its downtown waterfront Festival Centre, phase one due to open in September 2005 and to be completed late 2006, offering some 2 million square feet of retail, dining and entertainment.

"We will showcase Festival Centre at the summit clearly positioning it as a totally new retail experience, not only for Dubai, but for the entire region," said McArthur. "It is a carefully planned mix of entertainment, lifestyle and retail featuring some of the world's most popular brands."

The Retail Real Estate World Summit has attracted prominent keynote speakers including: Jean Chretien, Former Prime Minister of Canada; Dr. Bernard Kouchner, Co-founder and Former President of the Nobel prize-winning charity, Medecins Sans Frontieres and, from the Middle East, Mohammed Al Abbar, Chairman of Emaar Properties. Al Abbar will address the audience on 'Creating An Experience: From Vision To Reality.'

"The Middle East will have a sizeable representation at the summit," explained McArthur. "We will be actively considering an approach to ICSC for Dubai to host the next summit in 2010. As Dubai is increasingly being transformed into a globally recognised retail destination, its chances should be extremely good."