Nakheel showcases $4bn retail projects at Cannes event
UAE master developer Nakheel will meet a host of European retailers and investors as it highlights retail projects in Dubai worth over €3.7 billion ($3.9 billion) in construction costs at Mapic, the annual international retail real estate show in Cannes, France.
The biggest retail developer in the Middle East with more than 15 million sq ft of shop space across 14 existing and upcoming large-scale projects, Nakheel will highlight the unique opportunities offered by Dubai’s retail and leisure scene at the show.
The annual event, which opened yesterday (November 18), expects to attract over 8,000 delegates over the next two days.
Nakheel, the developer of some of the world’s most famous global landmarks including Palm Jumeirah, The World, Jumeirah Islands and Ibn Battuta Mall, said it has awarded construction contracts to the tune of €1.2 billion ($1.29 billion) for retail projects in the last three years, but is now set to treble that figure with another €2.5 billion ($2.7 billion) worth of contracts in the pipeline.
The company boasts over 11 million sq ft of retail space in the pipeline through 10 projects anticipated for delivery over the next three to four years.
The projects – at various stages of design and construction – are Nakheel Mall and The Pointe on Palm Jumeirah; Deira Mall and Deira Islands Night Souk at the new Deira Islands coastal city; Al Khail Avenue and The Circle Mall at Jumeirah Village, one of Nakheel’s largest master communities; Warsan Souk at Warsan Village; two major extensions to the existing Ibn Battuta Mall and a large expansion at Dragon Mart, to be renamed Dragon City.
The Dubai developer already operates four million sq ft of retail space at Ibn Battuta Mall, Dragon Mart and Golden Mile Galleria, which together have over 4,400 outlets. Nakheel said its retail pipeline will add 7,500 stores.
Nakheel chairman Ali Rashid Lootah said: “Dubai is a global destination for tourism and trade, of which retail is a key element. As a major developer who has already delivered some of Dubai’s world-famous projects, Nakheel is bringing significant new opportunities for retailers and consumers through a major expansion into the retail development sector.”
“Our retail offering includes a range of new landmark projects to be delivered in line with Dubai’s 2021 vision. Located in prime positions across Dubai, with thousands of stores, dining outlets and entertainment venues, these are set to become leading destinations and attractions for millions of Dubai’s residents and tourists,” observed Lootah.
“Some are already fully leased – proof of the appetite among retailers to be part of Dubai’s future,” he stated.
“Mapic is the annual event for the retail estate industry. We look forward to meeting key industry players and to fostering new, long term relationships here,” he added.-TradeArabia News Service