A huge new 2,500-shop trading hub is to open in Dubai in April with the aim of boosting the city’s wholesale business activity.
Nakheel Malls, the retail arm of master developer Nakheel has partnered with DP World to launch Souk Al Marfa, located at Deira Islands and stretching 1.9km 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.
The retail and trading hub will operate seven days a week and 365 days a year.
A centralised one-stop-shop at Deira, Dubai’s oldest and most traditional trading hub, Souk Al Marfa will offer traders benefits including 100 percent 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, a statement said.
The launch comes as 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,” the statement added.
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 added: “The launch of Souk Al Marfa will further enhance the wholesale trade capabilities in Dubai… 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 sq km mixed-used waterfront city, is set to transform the emirate’s oldest and most traditional trading hub into a destination for living, tourism, retail and leisure. The development has added 40km, including 21km 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.
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