Aswaaq Nad Al Hamar leased out

SME members given advantage

Dubai, July 22 2008: aswaaq, has announced that All shops in Aswaaq Community Centre has been leased in the Nad Al-Hamar due to opening in October.

According to aswaaq CEO, Abdul Baset Al-Janahi, 54% of the shops have been leased to residents of Nad Al-Hamar area and members of the Sheikh Mohammed Establishment for Young Business Leaders (SME), while the remaining shops have been leased by other companies.

Mr. Yousuf Sharaf, Deputy CEO of Aswaaq said; "that since it opened the door of leasing the shops in the centre, aswaaq continue to receive applications from various companies. He said his outfit has laid down specified conditions with priority given to residents of Nad Al-Hamar and members of the SME and taking into consideration diversity of trade activities designated for all aswaaq community centers.

He noted that the shops leased so far to the SME members and residents in the Nad Al-Hamar area include restaurants, laundry, ladies salons, gent salon, Sheila and abaya shop, business center and gift wrapping shop.

Mr.Yousuf Sharaf hinted that his outfit is now studying other contract offers presented by other companies to choose the most suitable among the lot for other aswaaq centers that would be opened later. He said diversity would be taken into consideration when it comes to offering these shops to companies depending on what they trade-in to meet the daily demand of shoppers that would patronize the shopping centers and to provide the residents of each location of Aswaaq community centers with their basic services needs.

Meanwhile, aswaaq has endorsed its shop leasing policy and have been receiving applications since February when they launched the project. According to the policy, Aswaaq will set aside minimum of 20% of its shops for leasing to residents of the area and to members of the SME where the community centre is located. This is to provide the necessary support to for SME members while taking into consideration the requirements of retail businesses in aswaaq community centers.

-Ends-

About Aswaaq
Aswaaq, which is the biggest retail trading company in the UAE, is a public joint stock company in which the Dubai government has 45% stakes in the form of cash and corporeal, including the land provided by the Dubai government for Aswaaq to build its outlets.

The "Aswaaq" project is a new concept in modern shopping world. The project consists of small, medium and big-size shopping centers which would have, among other things, a supermarket and retail shops. These centers are to be made available soon in all bustling and populated areas in the UAE.

What makes shopping in Aswaaq centers very unique are its high-quality products, which are also always very fresh, the competitive prices of its products and the quick service being rendered to customers. Aswaaq centers also have for sale wide range of products which meet the needs of both big and small residential areas and make shopping a great amusement, thanks to the family-like climate in the centers and the family-like treatment customers receive from our highly trained staff that always has great respect for the choice of the customer.

Aswaaq administration will be adopting the best international practices to cut down cost to enable it provide goods and services at very reasonable prices. In addition, the project would make significant contributions in providing support to small and medium-scale projects in the UAE. It will also provide more opportunities for UAE nationals, who would have the opportunity of serving as the major importers and suppliers for this project or the opportunity to invest in the project. A certain percentage of the net profit from the project would be reserved for social services.

For further information please contact:
Hind Al-Falasi
Relations Manager - Aswaaq
Email: hind.alfalasi@aswaaq.ae
Tel: - 04 360 15 69

Lina Husri
Public Relations Manager, O2PR
Email Lina.h@o2mc.net
Tel: - 050 280 35 80