Mideast retail exhibition sees active negotiations

Mike Davidson, President of the MECSC, said:

“The exhibition, combined with the line up of experts and panellists, has made for one of the most diverse and energetic events to date. The retail industry contributes greatly to the GDP of most countries, particularly in the Arab world. The scope of retail developments that are either on the drawing board or under development is unparalleled with any other region in the world.”

The exhibition attracted retail real estate developers, such as Al Othaim Real Estate Investment and Development Co., Tamdeen Shopping Centre Development Co., Dubai Properties, Project Management Development Company (PMDC) and the Ilyas & Mustafa Galadari Group, who were showcasing the City of Arabia project. Mall operators, such as BurJuman, Dubai Festival City and the Al Harthy Complex in Muscat, also participated, demonstrating their new and proposed retail opportunities.

Muath B. Al Roumi, Deputy General Manager, Corporate Marketing for Tamdeen Shopping Centre Development, said: ‘We have had an opportunity to meet with major retailers, mall developers and mall managers in one of the most successful emerging economies in the region, we were successful in introducing, sharing and exchanging information with our fellow operators and retailers. This is what we came to do.”

Tamdeen is currently overseeing a number of ambitious development projects in Kuwait, such as 360º Kuwait, a 59,000 m² shopping and leisure destination, which breaks ground in early 2006 and the massive 130,000 m² Mall of Kuwait in the Sabahiya area, which will certainly be the largest mall in the country.

Another developer with dynamic retail visions participating in the exhibition, Al Othaim Real Estate Investment & Development Co., is creating some of Saudi Arabia’s most exciting retail and leisure incarnations, including the Al Othaim Mall – Dammam, a 158,000 m² mall with 352 selective local and international retail outlets, which is scheduled to open its doors in 2008.

Ahmed Yassin, Marketing Manager - Shopping Malls for Al Othaim, said: “Business in Saudi Arabia has changed over the last few years and the market is booming, with new investments from nationals and an increase in direct foreign investment from other markets in the region. All of this has led to a number of new projects, unique ideas, which will succeed, particularly when you consider the size of the Saudi market. We not only develop projects, but we also manage a number of existing projects, using our more than 50 years of experience in the Kingdom.

Founded in 1954, Al Othaim has actually taken a logical approach to mall development, creating one mall for each of the catchment areas. Outside of the major centres, Al Othaim also has plans for malls in Buraidah and Al Ehsa, as well as two mega malls aimed at the four million strong population of Riyadh in Al Rabwa and Khurais, all of which are expected to open in 2006-2007. The group is also looking to take their developments and experience to other regions.

I & M Galadari’s City of Arabia project gathered much attention, with the recent announcement that it’s Mall of Arabia development would now include more than 1,400 retail outlets in more than 10 million ft² of space, making it the largest mall in the world.

Kim Redman, Regional Director for the MECSC, commented: “This year’s event has been very successful, and for next year’s event we will be looking to increase the amount of space available for the 2006 exhibition, due to participant demands. The aim of the event is to provide a platform through which retailers, developers and mall operators can meet and share market intelligence, as well as negotiate for space and opportunities in upcoming developments. As a result of the extremely positive exhibitor feedback we to will definitely be increasing the size, and most likely the duration for 2006.