Dubai is expanding opportunities for shopping a new mega retail development in Deira. Ali Rashid Lootah, the chairman of Dubai’s master developer Nakheel, shared the company’s plans to add a new super-scale development to the local commercial and retail real estate stock. One of the oldest Dubai areas of Deira will be given a new life with a number of new infrastructure developments, including The Deira Islands Mall.
The area of this new point of attraction for tourists and shoppers will be approximately 600,000 square meters, which is two times the size of the Dubai’s largest The Dubai Mall.
The cost of the construction contract for the development will be about 4 billion AED or more, Lootah said. He also stressed that in this part of town there are no retail units of appropriate scale, and the whole district lacks entertainment facilities, thus property buyers prefer to buy homes on the other side of New Dubai making the per sq foot property price higher there, respectively. However, all this is about to change due to the large-scale project of reconstruction designed by Nakheel for Deira, which includes authentic Arab suuk night market, and 40 km of new promenades and much more to come.
Lootah said that Nakheel was currently working on final designs for the mall, which should be put out for tender shortly.
Earlier this month, the master developer announced that it had started work on a USD 245 million resort and water park at the Deira Islands project.
Infrastructure and coastal works are already well under way at the site, with the whole project adding 40 km, including 21 km of beachfront, to Dubai's coastline.