A multitude of attractive features for traders include 100% foreign ownership and going direct to consumer
Launching in April 2021, the new retail trade market will support SMEs' trade at a wholesale level at an affordable cost
DUBAI, UAE - Nakheel Malls, the retail arm of master developer Nakheel, has launched Souk Al Marfa in partnership with DP World, the leading smart trade enabler and provider of global end-to-end supply chain logistics.
Strategically located at Deira Islands and stretching 1.9 km along the waterfront, Souk Al Marfa is in close proximity with Mina Rashid, Mina Al Hamriya and Deira Wharfage, with the potential to ship and import directly to its 2,500 shops and pavilions. Due to open in April 2021, the vibrant retail and trading hub will operate seven days a week and 365 days a year. UAE citizens, residents and tourists are welcome to visit and enjoy a diverse, large-scale shopping destination.
A centralised one-stop-shop at Deira, Dubai's oldest and most traditional trading hub, Souk Al Marfa provides affordable growth opportunities to traders by offering multiple benefits including 100 per cent foreign ownership, repatriation of capital and profit, no restrictions on currency movement, logistical ease and ancillary amenities such as warehousing, office space, showrooms, ancillary retail and F&B facilities; all with minimal paperwork.
Dubai is already the world's third-largest re-exporting hub, serving countries including the GCC, Africa, Iraq and Yemen. Souk Al Marfa brings a unique opportunity to unlock inbound investment and increase trade from surrounding countries.
Omar Khoory, Chief Hospitality and Assets Officer, Nakheel, said: "Dubai excels in the movement of goods globally through its port facilities, but we uncovered an opportunity for SME traders at a wholesale level. Souk Al Marfa will bridge this gap and provide a vibrant centralised trader experience and a new stream of economic activity. Nakheel Malls' partnership with DP World further cements our long-standing commitment to drive the retail industry in Dubai."
Mahmood Al Bastaki, Chief Operating Officer, Dubai Trade World said: "The launch of Souk Al Marfa will further enhance the wholesale trade capabilities in Dubai. By partnering with Nakheel Malls, the leading retail developer in Dubai, we reaffirm our commitment to provide global supply chain solutions and enhance cargo logistics in the region. Additionally, we hope this project leverages from our recently launched NAU application that connects Dhow owners with traders allowing them to search, negotiate and book shipments, and utilise the strategic location of Mina Rashid, Mina Al Hamriya and Deira Wharfage that are managed by DP World."
Deira Islands, Nakheel's new, 15.3 square km mixed-used waterfront city, is set to transform the emirate's oldest and most traditional trading hub into a world-class destination for living, tourism, retail and leisure. The development has added 40 km, including 21 km of beachfront, to Dubai's coastline.
Souk Al Marfa is the second collaboration between Nakheel Malls and DP World to be announced in the last five months. The first, dragonmart.ae, was launched in September 2020.
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About Nakheel Malls ( www.nakheel.com )
Nakheel Malls owns and operates a diverse range of world-class retail experiences with a distinct portfolio of iconic lifestyle, shopping, dining and entertainment destinations across Dubai. Its strong heritage has been a driving force behind its well-established footprint, which spans 1.4 million square metres of gross leasable space. Nakheel Malls' 14 developments and 5,000 retailers together shape the lifestyle of 90 million customers every year.
The Palm Jumeirah - Nakheel's award-winning, world-famous landmark and a symbol of the UAE's ambition and creativity - is home to Nakheel Mall, Golden Mile Galleria, The Pointe, home to the world's largest fountain, The Palm Fountain, Club Vista Mare, Palm West Beach, The Palm Monorail, a celebration of enhanced lifestyle experiences for residents and tourists alike and Souk Al Marfa.
Nakheel Malls' expanding portfolio is a testament to its creative spirit that reflects people's aspirations. It includes distinguished, large-scale shopping centres such as Ibn Battuta Mall, Dragon Mart (which recently launched its e-commerce platform in partnership with DP World) and a collection of Pavilions located across six Nakheel residential communities. Upcoming projects include The View at The Palm, Souk Warsan, Al Khail Avenue and The Circle Mall.
Nakheel Malls is the retail arm of world-leading master developer Nakheel and the exclusive franchisee for its gourmet food hall concept, Depachika and Food District.
About DP World
We are the leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions.
We deliver these services through an interconnected global network of 136 business units in 61 countries across six continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work.
Our dedicated, diverse and professional team of more than 53,360 employees from 137 nationalities are committed to delivering unrivalled value to our customers and partners. We do this by focusing on mutually beneficial relationships – with governments, shippers, traders, and other stakeholders along the global supply chain – relationships built on a foundation of mutual trust and enduring partnership.
We think ahead, anticipate change and deploy industry-leading digital technology to further broaden our vision to disrupt world trade and create the smartest, most efficient and innovative solutions, while ensuring a positive and sustainable impact on economies, societies and our planet.
© Press Release 2021
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