Major UAE developments to showcase at Retail Real Estate Exhibition

Abu Dhabi’s ALDAR, which just last month announced Ferrari World, a themed family entertainment complex built around the world of the Ferrari brand, will showcase other developments, such as the prestigious Al Gurm Resort. As the developers of Al Ain’s Al Jimi Mall, ALDAR will also be responsible for the 6.8 million square metre Al Raha Beach project, which will include the Al Raha Gardens residential development. Other key projects on the schedule include the Central Market; five hectares of prime city real estate, which when completed will be a true city centre destination for the capital of the UAE.

I & M Galadari Group have also chosen to take considerable space at the exhibition to highlight its unparalleled City of Arabia project, a massive 20 million square foot urban sprawl at the heart of Dubailand. City of Arabia will include the Mall of Arabia, the world’s largest shopping mall with more than 1,000 retail outlets, the Restless Planet dinosaur theme park and a four-kilometre waterway that will flow through Wadi Walk.

Kim Redman, Regional Director for the MECSC, said: “The UAE is leading the region in terms of new developments, particularly in terms of retail space. However Kuwait, Saudi Arabia, Qatar and Bahrain all have a number of developments either under construction or slated for ground breaking in the next 12 months.”

According to data from Simon Thomson, Principal at Retail International, the UK-based independent retail consultancy specialising in the Middle East, over the next five years the UAE will realise a shopping mall growth of just under 200 percent, with Kuwait follow a close second with around 175 percent. Saudi will see mall space increase by 150 percent, while the Gulf Cooperation Council (GCC) as a whole will increase by 150 percent.

The GCC currently has 8.5 million square metres of shopping malls either completed or under development, while the Levant region has 1.5 million square metres. It is estimated that by 2010 both the GCC and Levant will have a combined 14 million square metres.

Redman continued: “The figures are a little daunting, but based on the other development projects currently on the drawing board, the scope for new business and the projections of population increases, as well as tourism estimates it is totally feasible that region will require this level of retail and mixed use real estate.”

The exhibition, which is free to enter, will be open from 9 am to 6 pm on 13 and 14 December 2005 at the Jumeirah Beach Hotel Conference Centre.