Wednesday, March 28, 2007

Nakheel Retails centralise retail property

Dubai World has created Nakheel Retail to centralise its retail property division under one brand. The new entity will incorporate the existing Istithmar Retail and will seek to maximise opportunities within its residential developments.

These will include the opening of neighbourhood convenience malls and further large scale regional shopping centres to support The Palm Jebel Ali, Dubai Waterfront and Palm Deira.

“Dubai World is committed to the development and delivery of world-class shopping facilities to meet the varying needs of our residential customers and the growing tourist market in Dubai,” said Nakheel Chief Executive Chris O’Donnell.

“As such, the group feels that its retail property business will be fully realised under the Nakheel name.” Nakheel Retail will comple ment another Dubai World company, Retail Corp, which is charged with bringing world-class brands to Dubai, both within Nakheel developments and third party venues.

“Nakheel Retail is about developing and managing property in an effective way,” said Nakheel Retail Chief Executive David Thurling.

“If Retail Corp brings musthave brands to Dubai then we will want them in our malls, but a successful brand cannot be limited to one landlord.” Retail Corp will compete in an open market for space in Nakheel developments.

Thurling said: “Ibn Battuta Mall is already one of the leading retail facilities in the region and it will benefit from population growth being driven by Nakheel’s residential property developments within the mall’s trade area.”

[Source : Emirates Today]

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