Meraas and the Samanea Group to develop $272mn mall
MoU was signed during the inaugural Big C Forum organised by Hala China in Dubai
Meraas and the Samanea Group have signed a memorandum of understanding (MoU) for the development of a new mall near Dubai International City. The mall is expected to cost $272 million and is scheduled for completion in Q2 2021.
According to a statement, the Samanea Group will develop the 570,000sqft retail project, which will predominately sell goods from Chinese businesses aiming to establish a base in the GCC market.
The MoU was signed at the inaugural Big C Forum in Dubai. The event was organised by Hala China and is said to have connected 600 Chinese investors and entrepreneurs with UAE government entities and companies.
“In recent years, both China-UAE and China-Dubai relations have developed very fast. Among the Middle East countries, the UAE has conducted the most in-depth and fruitful cooperation with China. With its social stability, good infrastructure, ease of doing business and culture of tolerance, Dubai attracts more and more Chinese enterprises. In 2018, China was Dubai’s largest trade partner for the fifth consecutive year, bilateral trade reaching US$37.9 billion,” said Tan Li, acting consul-general of China in Dubai.
The event was attended by Sheikh Hasher bin Maktoum bin Juma Al Maktoum, director general of Dubai Information Department, as special guest of honour.
Li added, “The ‘Hala China’ programme launched last year, built a platform for the cooperation between China and Dubai in economy, trade, investment, tourism and culture. This programme has enhanced our bilateral cooperation and made remarkable achievements.”
