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JadoPado confirms it has raised $1b for a mall next to Expo 2020 venue
Dubai: Dubai's retail space - physical and online - is in a state of extreme flux. Dubai based online vendor has announced plans to build the "world's newest largest mall" next to the Expo 2020 site. And it is not just an idea it wants to float - the company says it "has raised" $1 billion from investors in the region, including sovereign wealth funds.
“This move is crucial in our long-term growth strategy and outflanks a well-known mall operator's attempts to buy our closest competitor,” says Omar Kassim, founder and CEO of JadoPado. “We are taking the next quantum leap by making JadoPado Mall the world's newest largest mall”. (Kassim was referring to the $800 million offer Emaar Malls - the owner of The Dubai Mall - had made for Souq before its decision to sell off to Amazon.) And it is not only domestic shoppers JadoPado has in mind. It wants to get visitors to start buying in... literally from the airport itself.
The "JadoPado Mall will be a visa-free free zone and integrated into the world’s soon-to-be largest airport, Al Maktoum International Airport, to provide travellers direct access to the mall without the need to enter the city of Dubai," a statement said.
It is also developing the "world’s first conveyor system to pioneer the concept of store to boot". According to Kassim, “No more bags or inexcusably designed shopping trolleys. Your purchases will go from store straight to your boot. The exemplary baggage handling and sorting systems at Dubai Airports have been a major influence in our strategy.”
The mall's physical structure is to span over 26 million square feet and house over 4,750 stores.
© Gulf News 2017
