Nakheel Malls and DP World expand strategic partnership to boost and diversify regional trade flow
A multitude of attractive features for traders include 100% foreign ownership and going direct to consumer
Launching in April 2021, the new retail trade market will support SMEs’ trade at a wholesale level at an affordable cost
Nakheel Malls, the retail arm of master developer Nakheel, has launched Souk Al Marfa in partnership with DP World, the leading smart trade enabler and provider of global end-to-end supply chain logistics.
Strategically located at Deira Islands and stretching 1.9 km 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. Due to open in April 2021, the vibrant retail and trading hub will operate seven days a week and 365 days a year. UAE citizens, residents and tourists are welcome to visit and enjoy a diverse, large-scale shopping destination.
A centralised one-stop-shop at Deira, Dubai’s oldest and most traditional trading hub, Souk Al Marfa provides affordable growth opportunities to traders by offering multiple benefits including 100 per cent 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; all with minimal paperwork.
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.
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 said: “The launch of Souk Al Marfa will further enhance the wholesale trade capabilities in Dubai. By partnering with Nakheel Malls, the leading retail developer in Dubai, we reaffirm our commitment to provide global supply chain solutions and enhance cargo logistics in the region. Additionally, 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 square km mixed-used waterfront city, is set to transform the emirate’s oldest and most traditional trading hub into a world-class destination for living, tourism, retail and leisure. The development has added 40 km, including 21 km 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 2020.
For more information, please visit http://www.soukalmarfa.ae