A new development spanning more than eight million square feet, located on the outskirts of Dubai, will help attract from foreign direct investments into the UAE, said the developer of the project, Meraas Holding.
The Dubai-based real estate firm Meeraas Holding will begin work on the Phoenix project, including the Phoenix Mart Mall, on signing the Dh.2bn investment deal with Chinese company, China Longines.
The development will be built adjacent to Dragon Mart, and is due for completion in two years time, said Sina Al Kazim, Chief Business Development Officer, Meeras Holding.
The Dh.2bn investment will be contributed in the ratio 70:30, with 70percent coming from Chinese government, while 30percent will be given by China Longines. A BOT deal has been signed for operation of the mall for next 30 years before transferring the project to Meraas Holding.
He also said that several areas of US, China and India will help secure foreign direct investment into Dubai, and will include a range of sectors, including real estate, industrial and recreation, which will complement the growing Dubai economy.
The Phoenix project will include a five star hotel and car parking amenities, and will be three times the size of the current Dragon Mart Complex. The mall will include 6000 outlets, and vast majority will be new brand names from China.
The mall will be operational at a higher level than Dragon Mart and will be appealing to expatriates of all nationalities, although majority of mall’s clientele will be Chinese expats.
According to CBRE Head of Research and Consultancy for UAE, Matthew Green, the project is just right for the locality, as the demographics of the catchment fits well with the mall.
The Phoenix Mart will cater to a niche market, and will benefit due to its location, adjacent to nearly 25,000 units at International City and Silicon Oasis Development.