Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Mega mall key to Dubais visionspan  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Project an important step for emirate to become international hub for tourism and hospitality

Dubai’s plans to set up the Mall of the World is critical to unlock the emirate’s vision on hospitality and entertainment development and will further consolidate its position as regional hub for tourism cultural and business activities experts say.



Industry specialists and analysts term Dubai Holding’s proposals to build the 48 million sqft mega development — which includes an eight million sqft shopping mall — an important step to become an international hub for tourism

An artist’s impression of the Mall of the World which represents a significant milestone in the evolution of Dubai’s shopping malls.

and entertainment activities. The project which is set to also include the world’s largest indoor theme park and a theatre district to rival London’s West End or New York’s Broadway follows Nakheel’s recently-revealed plans for a 6.7 million sqft mall on Deira Islands complete with an adjoining night market and amphitheatre.



Cluttons an international real estate consultancy operating in over 50 countries said the unveiling of the mega project will form part of a strengthening mall development pipeline that is critical to unlocking Dubai’s vision on the tourism and hospitality industries.



“I see this as Dubai’s answer to London’s Oxford Street and Paris’ Champs Elysee which are both iconic shopping avenues. The added climate-control element will for the first time allow the emergence of what will effectively be Dubai’s answer to a high street” Faisal Durrani International Research and Business Development manager at Cluttons said.



He said shopping is already synonymous with Dubai and has proved to be one of the city’s key lynchpins in its meteoric rise as the Middle East’s business capital. Dubai has a very significant portfolio of existing shopping malls and the string of new mall developments looks set to push Dubai further ahead of the region’s other emerging economies he said.



“Dubai’s malls have thus far been fairly traditional offering global retail brands in a single ‘shopping destination’. During the last property cycle we witnessed the inclusion of leisure attractions at some of the city’s malls with Ski Dubai iFly and the Dubai Aquarium all helping the emirate’s malls position themselves as leisure destinations in their own right” he added.



Chiheb Ben Mahmoud head of JLL’s Hotels and Hospitality Group in the Middle East and Africa said the announcement sets the new strategy for Dubai Holding and confirms the orientation of Dubai as a destination towards tourism and entertainment. It is a path that leads to 2020 and extend well beyond.



“It is interesting to note that the location of the new project is in proximity of Burj Al Arab Madinat Jumeirah and the new Jumeirah projects. Although not all the details of the projects have been made public; it is interesting to note that it would the first major Dubai mega mixed-use project that does not put the water element at the centre of the concept” he said.



“Whether located on the beach on the Creek or even further inland [such as Downtown Burj Khalifa] all major tourism driven projects in Dubai have put the water element at the centre of their design and experience translating the dual heritage of the Dubai culture” he added.



Anchored by a mall Ben Mahmoud said the new destination seems to be planned as a new and additional “heart” of the new Dubai. “While the adequate hotel supply — in quantity and quality — is important for growth of tourist arrivals this should not overshadow the role of all the parties involved in the marketing of Dubai. It is essential that the Dubai destination marketing ‘engine’ continues to perform towards 2020 and beyond” he said.



As development across the city ramps up in the lead-up to the 2020 World Expo and the emirate’s vision of playing host to 20 million tourists annually the focus of activity has moved strongly towards the retail and hospitality sectors. Cluttons currently expects some seven million sqft of new malls over one million sqft in size to enter the market over the next two years excluding all current city wide mall expansion activity.



Joe Tabet chairman of the Pragma Group said the announcement of developing the Mall of the World which is proposed to be the largest shopping mall across the globe is exciting news for everyone.



“The investor sentiment in Dubai is likely to significantly increase post this announcement. Once complete this project will further consolidate Dubai’s position as a regional hub for cultural tourism and business activities” Tabet told Khaleej Times. “The retail and tourism industries two key drivers of the economy are likely to be the main beneficiaries of this shopping centre development. Developments such as these are aligned with Dubai’s vision of 2020 to generate Dh300 billion in tourism and have 20 million tourists visiting the emirate annually by 2020.”



Haneen Dabain founder of pricena.com said this is good news for e-commerce.



“It will stimulate the retail market and will attract new businesses who don’t want to miss out on the segment of customers who prefer to shop online. We still need to develop our e-commerce ecosystem however through more advanced tools such as price comparison to ensure that the average Dubai resident is benefiting from lower prices” she told Khaleej Times.



The Mall of the World represents a significant milestone in the evolution of Dubai’s shopping malls. Not only will the mega project include 100 hotels and some 20000 keys it will also offer visitors seven kilometres of climate-controlled promenades something that is offered nowhere else in the world.



“The Mall of the World will pave the way for the next generation of the city’s malls where the shopping element is combined in equal parts with entertainment and leisure facilities creating destinations in theory own right while catalysing the development of wider surrounding areas” Durrani concluded.




 






  MENA News Headlines
 Jul 25 2014 - Dubai's R&B launches two stores in SaudiMENAFN
(MENAFN) The Dubai-based giant Apparel Group's fashion arm R&B, most recognized for its exciting portfolio of international fashion and accessories brands, plans to open two stores in Dhahran and ...

 Jul 25 2014 - UAE's du, Etisalat sign agreementMENAFN
(MENAFN) Du, the UAE's second biggest telecoms operator, has signed a network sharing deal with Etisalat to offer Internet-based phone calls and broadband services across the country before the ...

 Jul 24 2014 - A forgotten tragedyUN experts call for a stronger response to internal displacement in NigeriaMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- Two United Nations human rights experts today called on the Government of Nigeria and the international community ...

 Jul 24 2014 - Address by Cathy McLeod Parliamentary Secretary to the Minister of LabourMENAFN Press
(MENAFN Press) OTTAWA Canada July 24 2014/African Press Organization (APO)/ -- Check Against Delivery Good morning/afternoon. Thank you for joining us. We are here today to discuss a global ...

 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help