Retail real estate to see a 10-year boom |
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An explosion in retail real estate development is set to last more than a decade, said industry experts at the 13th Annual Middle East Council of Shopping Centres Convention (MECSC) in Dubai.
John Davis, CEO, Middle East of Colliers International, termed the Abu Dhabi retail scene as bullish in his presentation "An Overview of the Middle East Retail Real Estate Scene".
"Retail development in Abu Dhabi is immense," he said adding that the capital has approached development in a different way to Dubai. "It is not a case of bigger is better."
Davis said the culture of the Emirati people is completely different to other places in the world, which was reflected in their shopping habits. The mall concept that emerged in 2001 with the Marina Mall in Abu DhabiMarina Mall in Abu Dhabi
involved awareness of the population.NakheelNakheel
announced at the exhibition that it will open more than five shopping malls worth several billions of dollars in Dubai in the near future. NakheelNakheel
Retail announced mega mall projects spanning 13 million square foot in the emirate.The developments, with an investment of $3bn (Dh11bn), include Palm Mall at the Palm Jumeirah, Palm Mall at the Palm Deira, Great Mall Dubai, an expansion of Ibn Battuta Mall and India Mart. By 2012, NakheelNakheel
Retail will be the region's largest shopping mall developer, owner and manager.The group is expected to be one of the largest in the world [alongside companies such as Lend Lease and Wesfield] by 2018, but spokespeople remain tight-lipped about any other projects in the pipeline.
Graham Dreverman, Group Managing Director of NakheelNakheel
Retail, said: "NakheelNakheel is known for its iconic projects and this extends to all its divisions. With the design and delivery of five new innovative, world-class shopping malls, through our Shopping Malls division, NakheelNakheel Retail is poised to become one of the most successful shopping mall developers, managers and owners in the world." Also making an announcement at the convention was the Dubai-based Al Futtaim GroupAl Futtaim Group
Real Estate, which launched a three million square metre development in Cairo.The privately funded E£20 billion (Dh13.6bn) Cairo Festival City was presented as a blend of contemporary themes and creative architecture, setting new standards for shopping and modern lifestyle in the Egyptian capital.
Cairo Festival City has been conceived as the first indoor-outdoor retail and entertainment resort in Egypt, combined with luxury residential communities, prime office space, international hotels, schools and an automotive park set within a lush landscaped environment.
Omar Al Futtaim, CEO of Al Futtaim GroupAl Futtaim Group
, said: "Our vision is to create a vibrant and modern community that will transform New Cairo city into a place that affirms Egypt's position as one of the most progressive and influential countries in the region."Cairo Festival City is just one of many retail projects under way in Egypt, whose government has brought trade-related taxes down to 20 per cent, thus opening up the market.
Robert Schmitz, COO of Hot Brands International, highlighted their restaurant expansion plan at the MECSC convention, which will see the UAE-based company expand into other parts of the region, including Saudi Arabia.
"Saudi Arabia is a tremendous part of our expansion. We will have 50 locations within the next 30 months," said Schmitz. In Dubai, the group is opening a new Japanese outlet, Momotaro, at Souk Al Bahar, Old Town.
Ali Hasan, Commercial Director of Abu Dhabi-based Aswaq Management and ServicesAswaq Management and Services
, said: "We managed to lock-in key electronics, bookshop, fashion retailers and entertainment operators for Bawabat Al Sharq Mall in Abu Dhabi."This year's MECSC convention was attended by 330 delegates with 2,000 visiting the trade show, said Kim Redman, regional director of MECSC.
By Staff Writer
© Emirates Business 24/7 2008
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