- February 20, 2021
- Posted by: Sandeep
- Category: Business & Economy
New waterfront shopping destination announced in Dubai
Nakheel Malls in partnership with DP World has announced to open Souk Al Marfa, a new waterfront shopping destination in Dubai’s Deira Islands in April 2021. The area of the shopping destination will extend to approximately 1.9 kms along the waterfront and will be in close proximity with Mina Rashid, Mina Al Hamriya and Deira Wharfage.
The shopping destination can accommodate 2,500 shops and pavilions with facilities for shipping and logistics. Furthermore, Souk Al Marfa will provide several advantages for the business owners including 100% foreign ownership, repatriation of capital and profit, no restrictions on currency movement, logistical ease and amenities such as warehousing, office space, showrooms and Food and Beverage (F&B) facilities.
Apart from offering affordable growth opportunities to traders with multiple benefits, the retail trading hub will operate for 365 days a year. This could promote Souk Al Marfa as one of the major, diverse and large-scale shopping destinations in UAE. The Souk Al Marfa waterfront aims to become a world-class destination for living, tourism, retail and leisure.
Dubai – Retail Market Outlook
The wholesale and retail market of Dubai contributes to more than 25% of the total GDP, with its value estimated at AED 95 billion (USD 25.8 billion) during 2020. Although this was a decrease in the retail sector contribution when compared to the year 2019, primarily due to the COVID-19 pandemic, the initiatives taken by the government have recovered the market and the retail segment in Dubai is expected to grow at a rate of 10% on an annual basis.
Dubai is popularly referred to as the world’s largest shopping and entertainment destination, as it offers a variety of shopping choices to its residents and tourists. Along with the EXPO 2020, which is to happen this year and the inauguration of Souk Al Marfa, Dubai will further elevate its position as a world-class shopping and travel destination.
Investment Destination in the Middle East
The UAE has positioned itself to become a leading destination hub in the MENA region for business and leisure. It has developed world-class infrastructure with quality airports, hotels, public facilities, and economic zones, which furthers its evolution as an international business destination. The Emirates recorded an exceptional year-to-year growth of FDI (Foreign Direct Investment) by 32%, with an estimated investment of AED 51.5 billion (USD 14 billion) for the year 2020. The Citizenship reforms, 100% ownership opportunities of businesses, the EXPO 2020 which is to happen in UAE and the establishment of the new waterfront shopping destination will further attract FDIs and startups into the country, thereby creating an economic environment that is conducive for businesses and investments. Contact Research Konnection, one of the leading feasibility study companies in Dubai to assist you with market research, business planning and market entry in UAE.
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