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Tag: dubai

  • Nakheel to double size of its Dubai retail complex catering to Chinese businesses

    Nakheel to double size of its Dubai retail complex catering to Chinese businesses

    Dubai-based Nakheel, the company behind the world famous Palm Jumeirah artificial archipelago, is to double the size of its Dragon Mart retail complex, which became the world’s biggest Chinese trading hub outside mainland China when it was first launched in 2014.

    The government-owned developer plans to expand the current 4,000-shop retail complex into a community named Dragon City by adding an extra 6.5 million square feet of shops, residential housing and hotels, increasing the total gross floor area to 11 million square feet.

    The expansion comes after the successful launch of the Dragon Mart phase one development which opened in 2014, and phase two of the development which opened in November last year.

    “Today, Dragon Mart is the world’s biggest Chinese trading hub outside mainland China with more than 5,000 Chinese businessmen operating there,” said chief executive Sanjay Manchanda, who declined to disclose the total investment cost.

    There are more than 4,000 shops, restaurants and entertainment outlets handling an average of 80,000 visitors daily, he said.

    In view of the strong demand for retail space at Dragon Mart phase one and two, which was built in the shape of a Dragon to appeal to Chinese investors, Manchanda said businesses were keen to lease the new retail space.

    According to the proposed expansion plan, the developer will add an extra 1.3 million square feet of showroom-style retail units, with sizes from 500 square feet to 10,000 square feet, as part of Dragon Mart phase three to phase six. The annual rental cost is from as low as US$75 per square foot.

    Located on Hatta Oman Road and easily accessible from Sheikh Mohammed bin Zayed Road, the entire development will comprise 5,700 stores when completed.

    Besides retail, Dragon City will include two residential towers housing 1,120 apartments and two 250-room hotels, plus 12,000 car parking spaces. The whole project is due for completion in three to five years.

    The developer participated in a three-day Dubai property exhibition last month to woo Hong Kong investors amid a slump in Dubai home prices which have declined for five consecutive quarters.

    But Manchanda rejected suggestions that home prices would undergo a downward adjustment due to an increasing supply of flats. For the latest launch of its 960-unit residential tower Warsan Village, 70 per cent of the units were snapped up by Chinese investors, according to Manchanda.

    Currently under construction, Warsan Village is located on a 47.5 hectare site about three kilometres from the recently expanded Dragon Mart retail hub. Each town house covers 2,000 square feet and comes with a maid’s room, three bathrooms, powder room, two balconies, private garden and parking for two cars. Prices start at around HK$3.7 million.

    Industry consultants Cluttons said in a report that Dubai home prices had recovered to near peak values in 2014 after falling by about half from 2008 highs.

    Cluttons is predicting residential prices will fall 3 to 5 per cent over the following 12 months because of a faltering global economy and an increasing supply of residential units.

    “We have even seen some Chinese buying plots of land near Dragon Mart and they plan to build homes for renters who are doing business there,” said Manchanda.

    In C-Suite on P3, Manchanda talks more about the property investment market in Dubai

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  • Jeweller Malabar to expand in Asia, Gulf

    Jeweller Malabar to expand in Asia, Gulf

    Indian retailer Malabar Gold and Diamonds says it will open 22 new stores in India, the Gulf and ‘the Far East’ over the next six months.

    New showrooms will be opened in Hong Kong and Indonesia as part of the plan, but there are no details as yet on timing or exact location.

    To help stock the expanded store network – 155 after the openings – a new gold processing unit will be opened in Dubai and a diamond processing facility in Mumbai.

    “The new showrooms will be opened in major cities across India, the Gulf region and the Far East in next six months,” Malabar group chairman M P Ahammed said in a statement.

    The rollout is a further step towards Malabar’s goal of reaching 300 stores by 2020.

    “In response to the government’s ‘Make in India’ initiative, we are setting up new processing units at Kinfra industrial park in Kerala and at other industrial parks in Andhra Pradesh, Gujarat and West Bengal,” Ahammed said.

    “We are also building an advanced gold manufacturing unit on a five-acre land in Dubai with the support of the UAE government.

    “As more Indians are buying diamond jewellery due to changing lifestyle, higher disposable incomes and for being trendy, the diamond processing unit will be in Mumbai, which is a major centre for diamonds business,” Ahammad said.

    The group’s retail network is already spread across nine countries, including Bahrain, Kuwait, Oman, Malaysia and Singapore.

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  • Pancake House heads for Dubai

    Pancake House heads for Dubai

    Philippines-based Max’s Group has signed a contract to launch Pancake House in Dubai.

    The QSR and cafe operator will open at least eight Pancake House restaurants in the UAE in partnership with master franchisee Lulu Group.

    Max’s Group is the Philippines’ largest operator of fast food and QSR restaurants, and this week’s deal is one of several to expand into the fast growing Middle East market. Max’s other brands include Max’s Restaurant, Yellow Cab, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Le Coeur De France, Maple, Kabisera, Singkit and Sizzlin’ Steak.

    The first eight Pancake House stores will open progressively over the next five years.

    “We are pleased with the opportunity to further broaden our reach in the UAE this time around for Pancake House. We are excited with our partnership with Lulu Group, an established retailer with a storied and rich history of success, to serve our products to the Emiratis,” said Max’s Group president and CEO Robert Trota.

    Lulu Group will operate the Pancake House restaurants under its Tablez Food subsidiary, which already has a strong portfolio of restaurants, cafes and ice cream stores in the UAE and India.

    “At Tablez we have always believed in bringing in unique brands from around the world in the evolving and highly competitive food and beverage sector in the gulf region,” said CEO Shafeena Yusuff Ali.

    “I am excited that UAE and the gulf region is home to a large Filipino community and a brand like Pancake House will be a big hit and also gives us a chance to present this brand to other diverse nationalities residing here.”

    Max’s Group has previously said it wants to open at least 200 stores outside the Philippines by 2020.

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  • The Philippines-headquartered BDO Unibank Sets up Representative Office at DIFC

    The Philippines-headquartered BDO Unibank Sets up Representative Office at DIFC

    Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and Asia, today welcomed BDO Unibank – the first Philippine bank to operate in its premises.

    The UAE is home to an estimated 700,000 Filipino expatriates and BDO Unibank’s objectives include supporting them, while facilitating investments and money flow to the Philippines.

    Arif Amiri, Deputy CEO of DIFC Authority , said: “We are pleased to welcome BDO Unibank, a leader in the financial services field from the Philippines. This is a direct outcome of our overall strategy to facilitate integration between the Asian and Middle Eastern companies.”

    “We remain conscious of the diverse demographic constituents of the UAE and are committed to catering to the evolving requirements of each population segment,” Amiri added.

    BDO Unibank, the largest bank in the Philippines, provides a variety of corporate, commercial and retail banking services, including traditional loan and deposit products. This is in addition to treasury, trust banking, investment private banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.

    Commenting on the decision to set up base in DIFC, Nestor V Tan, President and CEO – BDO Unibank said: “BDO Unibank’s establishment of a representative office in Dubai is driven by its objective to further widen our overseas network to provide support to the Overseas Filipino Workers (OFWs) and residents. This expansion into Dubai will boost our capability to service the needs of our countrymen in the entire Middle East and, hopefully, make the bank a catalyst for the progress of financial inclusion of the expatriates in the Philippines.”

    Committed to concretising its position as one of the world’s top five financial hubs, DIFC announced its 10-year growth strategy in June this year, aiming to maximise symbiosis amongst clients and further expand the Centre’s regulatory and physical infrastructure.

    Asia remains a key strategic focus for DIFC. As part of this priority, the Centre has been proactively engaging with players in the region through roadshows in China and India.

    DIFC aims to grow the financial sector’s share of the UAE economy to 18 per cent of the GDP by 2024, compared to its 12 per cent share in 2013.

     

  • Marimekko Asia continues expansion

    Marimekko Asia continues expansion

    Finnish homewares retailer Marimekko says it will stick to its Asia and Middle East expansion program despite declining profits.

    “We continue our expansion in line with our internationalisation strategy, particularly in the Asia-Pacific region,” said Marimekko president Tiina Alahuhta-Kasko.

    “This year, new markets have opened up in Bangkok and Singapore as well as Dubai in the Middle East. Deliveries to Japan and the rest of Asia were on a good level in the second quarter, although sales for the whole year are forecast to be lower than in 2014.”

    Marimekko has reported a net sales growth of six per cent globally in the six months to June 30, to euro 43.6 million, driven by new stores and the development of discount outlet stores and an online shop in Finland, together with the stronger US dollar.

    Besides building its Marimekko Asia operations, the company is focusing on its eCommecre offer.

    “The development of digital business is an important part of the current stage in our strategy,” explained Alahuhta-Kasko.

    “The trend in our online sales has continued to be positive and we will continue to focus on enhancing the customer experience to make it even more inspiring and more seamless between our online and offline stores. As part of this process, we are also updating our store and service concept.”

  • German giant buys Classic Fine Foods

    German giant buys Classic Fine Foods

    German retailer Metro AG has paid $290 million to buy Singapore restaurant supplier Classic Fine Foods Group from private equity owned EQT.

    CFF operates in 25 cities, including Singapore, Dubai, Hong Kong, Bangkok, Kuala Lumpur, London, Ho Chi Minh City and Jakarta. The deal will expand Metro Cash & Carry’s presence from 26 countries to 36.

    Metro said in a statement the acquisition would strengthen its wholesale subsidiary Metro Cash & Carry by bolting on an experienced food service distribution arm.

    “It provides access to growth and value creation potential in the attractive premium foodservice distribution markets. The transaction covers the operations and all fixed assets of CFF for an enterprise value of $290 million plus an earn-out of up to $38 million depending on the EBITDA performance in 2015 to 2017,” the company said.

    “Metro Cash & Carry aims to strongly expand its FSD operations. With the acquisition of CFF we strengthen our value proposition and enlarge our wholesale market presence fuelling future sales and earnings growth“, said Olaf Koch, chairman of Metro AG’s management board.

    Pieter Boone, CEO of Metro Cash & Carry, added: “With Classic Fine Foods, we found the perfect partner to expand in high growth Asian FSD markets. CFF has a strong market position and a unique exposure to Asian mega cities and Middle East. CFF partners with some of the world’s most sought after fine food producers and has excellent customer relationships in the high margin premium Hotels, Restaurants and Caterers (HoReCa) segment. The acquisition boosts our FSD capabilities widening the services for our HoReCa customers.”

    CFF, founded in 1999, has its own distribution and warehousing network in the cities in which it operates. Metro says post- acquisition, CFF will remain largely independent, maintaining its own sourcing base and distribution network.

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  • Accolade for Shoppes at Marina Bay Sands

    Accolade for Shoppes at Marina Bay Sands

    The Shoppes at Marina Bay Sands has gained the RLI Purchasing Centre Renovation 2015 title in The International RLI Awards 2015 held in Dubai, UAE.

    The Shoppes gained the award forward of worldwide contenders the Armada Purchasing Centre in Turkey, CapitaMall Jinniu in Chengdu, China, and the Victoria Place Buying Centre within the UK.

    John Postle, VP of retail with Marina Bay Sands stated: “We’re honoured to as soon as once more be recognised by RLI for our efforts to reinvent and redefine the last word luxurious buying expertise for our international guests. The constructive momentum we have now witnessed because of a three-year lengthy strategic retail re-mix technique reinforces our imaginative and prescient to ship a world-class product unmatched by some other purchasing locations within the area.”

    Postle thanked retail companions and clients for contributing to The Shoppes’ success.

    “We’re assured of taking our product and repair high quality to the subsequent degree with many extra thrilling openings and signature occasions to return.”

    Organized by Retail & Leisure Worldwide (RLI) journal, The International RLI Awards recognise and reward probably the most revolutionary and imaginative retail and leisure ideas worldwide. The judging panel consists of world business leaders in retail, leisure, improvement and design, representing the very best requirements in at this time’s retail area.

    The Shoppes gained its first international accolade – the RLI Worldwide Buying Centre 2012 – awarded by the RLI again in 2012. It was additionally awarded Greatest Buying Expertise on the Singapore Expertise Awards 2014 by the Singapore Tourism Board.

    Since opening in 2010, The Shoppes at Marina Bay Sands has grouped the most important assortment of luxurious labels beneath one roof within the area, with greater than 170 luxurious and premium manufacturers, spanning bespoke menswear, ladies’s collections, luxurious youngsters’s labels, in addition to luxurious watch and jewelry manufacturers.

  • 7-Eleven heads to Dubai

    7-Eleven heads to Dubai

    Japanese comfort retailer model 7-Eleven has signed a deal to enter the UAE.

    The primary 7-Eleven Dubai retailer will open in September after a franchise partnership was signed with Seven Emirates Funding.

    Khamis Al Sabousi, Seven Emirates Funding’s president, stated the shop would be the first of greater than 820 shops deliberate for the area inside 10 years.

    In a joint assertion with Dubai’s Division of Financial Improvement (DED), Al Sabousi stated bringing a number one retailer like 7-Eleven to the area is a part of his firm’s efforts to develop present provide chains, present progressive dietary options, and encourage younger individuals to discover franchising as a enterprise mannequin.

    “Franchising promotes progress of personal companies and helps formidable kids obtain their objectives, whereas making certain their participation within the improvement of the retail sector,” he stated.

    Omar Bushahab, CEO of Enterprise Registration and Licensing (BRL) sector at DED, added: “We’re delighted to see Seven Emirates Funding taking off with the opening of the primary 7-Eleven retailer set for September. It’s a crucial step ahead for Seven Emirates Funding, which additionally underlines the convenience of doing enterprise in Dubai and its profitable financial coverage on one hand and the arrogance worldwide corporations have within the emirate however.”

    7-Eleven already operates greater than 56,000 shops in 16 nations.

  • Japan’s 7-Eleven says to open first Dubai store in September

    Japan’s 7-Eleven says to open first Dubai store in September

    The first 7-Eleven convenience store will open in Dubai in September as part of a franchise deal with Seven Emirates Investment, it has been announced.

    Khamis Al Sabousi, president of Seven Emirates Investment, said the opening is part of plans by the Japanese convenience store brand to launch more than 820 stores in the region over the next 10 years.

    In a joint statement with Dubai’s Department of Economic Development (DED), Al Sabousi said bringing a leading retailer like 7-Eleven to the region is part of his company’s efforts to develop existing supply chains, provide innovative nutritional solutions, and encourage young people to explore franchising as a business model.

    “Franchising promotes growth of private businesses and helps ambitious youngsters achieve their goals, while ensuring their participation in the development of the retail sector,” he said.

    Omar Bushahab, CEO of Business Registration and Licensing (BRL) sector at DED, added: “We are delighted to see Seven Emirates Investment taking off with the opening of the first 7-Eleven store set for September. It’s a critical step forward for Seven Emirates Investment, which also underlines the ease of doing business in Dubai and its successful economic policy on one hand and the confidence international companies have in the emirate on the other hand.”

    Bushahab also spoke of Dubai’s continuous efforts to help businesses overcome obstacles and continue growing, which he said plays a major role in attracting companies such as 7-Eleven.

    There are currently more than 56,000 7-Eleven stories in 16 countries worldwide.

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  • No 1 Dubai airport eyes retail crown

    No 1 Dubai airport eyes retail crown

    Fresh from capturing the title of busiest international airport from London’s Heathrow, Dubai International Airport has set its sights on becoming the world’s top hub by retail sales this year as a flood of Chinese passengers add to a shopping spree.

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