Deira Islands Mall to offer most retail space in Dubai – chairman

Nakheel’s upcoming shopping mall within its Deira Islands development will offer the largest gross leasable area to retailers in Dubai, its chairman has said.

Deira Islands Mall will offer over 4 million sqft of GLA when it opens, Ali Rashid Lootah told reporters.

Currently, Emaar-operated Dubai Mall, which is spread across 12 million sq ft, is the biggest for retailers, offering 3.77 million sq ft of GLA.

“Deira Islands Mall will be biggest mall in Dubai [by GLA]. We are already in tender stage and hope to award the contract before the end of this year,” said Lootah.

“We are targeting 2020 to be open,” he added.

Deira Islands Mall will feature shopping and entertainment areas and an atrium space with retractable roofs. Alongside the mall will be the Deira Islands Night Souk, which will stretch almost 2 km along the waterfront and feature 5,300 shops and nearly 100 quayside cafes and restaurants.

Construction of the Night Souk is due for completion in 2018.

Read: Dubai’s Ruler Endorses Dhs14bn Nakheel Projects

Nakheel is currently focussing heavily on boosting its retail portfolio. Some of its ongoing projects include Nakheel Mall and The Pointe and Golden Mile at Palm Jumeirah, Warsan Souk at Warsan Village and Al Khail Avenue and The Circle Mall at Jumeirah Village Circle.

It is also undertaking major expansion plans at its Ibn Battuta Mall and Dragon Mart projects.

Read: Ibn Battuta Mall adds 60 new shops; metro link to open by May-end

The company is on track to achieve its target of making Dhs 7bn in recurrent revenues by 2020 from its leasing, retail and hospitality businesses, said Lootah. Last year, that amount stood at around Dhs 1.6bn.

Despite the slowdown in the market, the company has not seen a reduction in footfall in its malls, he said.

“We have seen a growth in traffic – in Ibn Battuta Mall for instance, there’s been no drop in footfall compared to last year.

“All our retail spaces are leased. I think it depends on what type of retail and depends on location. We see retailers coming forward. They are also paying as per our forecasted rent – we didn’t reduce our rents,” he added.

Also read: Exclusive Interview: Nakheel’s Turnaround Man, Ali Rashid Lootah