By Safura Rahimi
The real estate giant has launched its 42,000 square metre Dubai Marina Mall complex.
Properties giant Emaar today launched its Dubai Marina Mall complex, a project that is part of the developer's plan to diversify into other sectors.
The complex, which comprises a shopping and entertainment centre, extends over an area of 42,000 square metres including 40,000 square metres of net leaseable space.
"The Mall highlights Emaar's growth strategy of diversifying into sectors such as education, healthcare, hospitality & leisure, malls, finance and industry, in line with the company's objective of being a total lifestyle provider," said Rashid Doleh, CEO of Emaar Malls Group LLC.
Emaar Malls, the retail subsidiary of Emaar Properties, said it will start leasing the retail space ‘soon'.
The project - located along the waterfront and set to open in 2008 - is set to house a variety of shopping outlets, as well as restaurants and cafes, a cineplex and children's entertainment area.
"Dubai Marina has a projected total population of 75,000 and with several thousand residents already living in the waterfront neighbourhood, Dubai Marina Mall has a strong captive clientele," Doleh said. "Its central location within the master-development will be a key attraction for tenants."
The leaseable area provided by Dubai Marina Mall will be contributing to the 26% boost over last year in the amount of available leasable area for Dubai, as predicted by a Colliers International report in March.
Dubai has a thriving ‘mall culture' nurtured by the massive investments made into the emirate's retail real estate market.
Last month, it was announced that the emirate was set to develop the world's largest shopping area - at AED 10 billion ($2.7 billion) and with over 40 million square feet of gross leaseable area - under the Bawadi mega hospitality and leisure project.
retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.