Emaar opens first phase of Burj Dubai shopping mall
Emaar Malls Group, a subsidiary of Emaar Properties, said yesterday it had opened the first phase of a shopping mall in the $20 billion Downtown Burj Dubai development.
Phase one of the Souk Al Bahar has more than 50 shops and largest of the development's three supermarkets, Emaar Malls said in a statement.
The mall has a gross leaseable area of 164,700 sq ft (15,300 sq metre) and will have more than 100 stores when it is completed next year, it said.
Emaar Malls said last month it was looking to borrow to finance an 11-fold expansion in retail space in the Middle East and Asia in a decade.
Emaar Malls has around 11 million sq feet (1.022m sq metres) of retail space, including in properties under development such as the Dubai Mall, said Emaar Malls Chief Executive Rashid Doleh. That would rise to 100m sq feet in 10 years, he said.
The Dubai Mall is part of the Downtown development as is the Burj Dubai, the world's tallest building.
Emaar, the largest Arab property developer by market value, aims to get 15 per cent of its revenue from recurring operations such as hotels, serviced apartments and retail properties by 2010, the company said in May. Emaar makes around 90pc of its revenue in Dubai, much of that from sales of land and property.
Phase one of the Souk Al Bahar has more than 50 shops and largest of the development's three supermarkets, Emaar Malls said in a statement.
The mall has a gross leaseable area of 164,700 sq ft (15,300 sq metre) and will have more than 100 stores when it is completed next year, it said.
Emaar Malls said last month it was looking to borrow to finance an 11-fold expansion in retail space in the Middle East and Asia in a decade.
Emaar Malls has around 11 million sq feet (1.022m sq metres) of retail space, including in properties under development such as the Dubai Mall, said Emaar Malls Chief Executive Rashid Doleh. That would rise to 100m sq feet in 10 years, he said.
The Dubai Mall is part of the Downtown development as is the Burj Dubai, the world's tallest building.
Emaar, the largest Arab property developer by market value, aims to get 15 per cent of its revenue from recurring operations such as hotels, serviced apartments and retail properties by 2010, the company said in May. Emaar makes around 90pc of its revenue in Dubai, much of that from sales of land and property.
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