Chinese firm Samanea Group will develop a 570,000 sq ft retail mall in Dubai which will focus on home appliances and furniture
Dubai developer Meraas has signed an agreement with Singapore-based Chinese company Samanea Group that will see a AED1 billion ($272 million) mall come to fruition in 2021 near Dubai International City.
The inaugural Big C Forum witnessed the signing, with six key Chinese manufacturers and businesses also inking the letter of intent, a statement said.
Samanea Group will develop the 570,000 sq ft retail outlet which will focus on home appliances and furniture from small, medium and big Chinese businesses seeking a foothold in the GCC market. The mall will also hold space for 1,800 parking spaces.
Tan Li, acting Consul-General of the People’s Republic of China in Dubai, said: “In recent years, both China-UAE and China-Dubai relations have developed very fast. Among the Middle East countries, the UAE has conducted the most in-depth and fruitful cooperation with China.
“With its social stability, good infrastructure, ease of doing business and culture of tolerance, Dubai attracts more and more Chinese enterprises. In 2018, China was Dubai’s largest trade partner for the fifth consecutive year, bilateral trade reaching $37.9 billion.”
She added: “The ‘Hala China’ programme launched last year, built a platform for the cooperation between China and Dubai in economy, trade, investment, tourism and culture. This programme has enhanced our bilateral cooperation and made remarkable achievements.”
The forum gathered more than 600 Chinese investors and entrepreneurs in Dubai, where Sheikh Majid Al Mualla, chairman of Hala China, officially opened the event.