Retail and trading hub will provide a centralised trader experience and new stream of economic activity
Nakheel Malls, the retail arm of master developer Nakheel, has announced that it has joined up with DP World, the smart trade enabler and provider of global end-to-end supply chain logistics, to launch a centralised one-stop shop – Souk Al Marfa – on Deira Islands.
Stretching 1.9km along the Deira Islands’ waterfront, Souk Al Mafra is in close proximity to Mina Rashid, Mina Al Hamriya, and Deira Wharfage. It has the potential to ship and import directly to is 2,500 shops and pavilions.
Due to open in April 2021, the retail and trading hub will operate seven days a week, and 365 days a year, a statement said.
As a centralised one-stop-shop at Deira, Dubai’s oldest and most traditional trading hub, Souk Al Marfa will provide affordable growth opportunities to traders by offering multiple benefits including 100 percent 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, the statement continued.
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.”
Deira Islands is Nakheel’s new, 15.3 square km mixed-used waterfront city. It aims 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.
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.”