Dubai’s Ithra unveils Deira Gold Souq expansion

Dubai government developer Ithra has revealed its plans for an extension to Deira’s historic Gold Souq under the first phase of a wider development.

The Deira Enrichment Project will see 36 plots developed from the Hyatt Regency hotel to the Shindaga Tunnel.

Tenders worth Dhs3.5bn ($952.9m) have already been awarded for the works.

The Gold Souq extension will comprise 176 retail units, 225 offices and 289 residences spread across 684,790 square feet. It is due to be completed in the fourth quarter of 2019.

“The DEP will offer solutions of modernisation and efficiency in the utilisation of space, such that it will improve the movement of people and goods in and around the Deira area,” said Ithra Dubai CEO Issam Galadari.

“The Gold Souk Extension, like the Deira Enrichment Project, will look to preserve the character and culture prevalent in this established trading neighbourhood, taking into account the distinct heritage of the area as it looks to improve it and help it meet the demands of modern commerce.”

The company’s chief development officer Raad Jarrah said it had worked closely with traders at the souk to address their needs.

“I believe the final result will be a heightened shopping experience for both traders and shoppers,” he added.

The wider Deira Enrichment Project will add 840 retail spaces, 400 offices, hotels and serviced apartment and 2,200 residences in the affordable category.

India’s Taj said last month it had signed an agreement with Ithra to manage a 200-room hotel near the development, due to open in early 2022.

Read: India’s Taj to manage hotel on Dubai’s Deira Waterfront