A foundation has launched a project offering young UAE nationals investment opportunities in the retail sector, an official said.
"Ten plots of land have been allocated in a number of neighbourhoods for this project, which will be known as Aswaq," said Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, chairman of the board of the Mohammad Bin Rashid Foundation for Young Business Leaders. The foundation is setting up Aswaq.
Aswaq involves creating 10 retail store investment opportunities in some of Dubai's busiest neighbourhoods and newest developments, all of which still lack retail outlets.
Aswaq was created following a directive encouraging great-er involvement in the retail sector by young UAE nationals issued by General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence.
"Young UAE nationals can benefit from the growth in Dubai's retail sector.
"They can establish their own projects through Aswaq, or buy shares in the company which will be created to handle the operations and management of Aswaq," Shaikh Hamdan said.
"Aswaq and the foundation's other projects compliment each other. We want to provide young nationals with new investment opportunities.
"Aswaq enables young nationals to enter the retail sector, which has always suffered a dearth of local investment. Aswaq will increase the number of projects owned by young nationals in various sectors," he said.
Aswaq will feature facilities and services such as small co-ops. It will include a laundry, pharmacy, beauty salon, men's salon, fast food restaurant, fun zone for children, and parking lots.
The foundation will define investor criteria. It will also select the overall design of the shops, which will have identical interiors and exteriors.
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