Ithra Dubai announces Phase 1 of the Deira Enrichment Project
Project aims to enhance the flow of people and goods in and around the historic Deira neighbourhood
Ithra Dubai has announced its plans for the new Gold Souk Extension as part of the first phase of the Dubai Enrichment Project (DEP). Covering an area of 684,790 sq. ft, the Gold Souk extension will be the focal point for the DEP and is expected to open by Q4 of 2019.
The extension will have approximately 176 retail units and 225 offices, in addition to 289 residences with improved and integrated transport solutions, pedestrian walkways, emergency services, and banking and exchange facilities. According to Ithra Dubai, the extension is said to incorporate more greenery into the neighbourhood, make use of the Waterfront and provide district cooling services.
Work on the first phase of the DEP, apart from the extension is also well underway, which once completed will offer over 840 retail spaces, 400 offices, hotels and serviced apartments, in addition to 2200 high-quality affordable residences, and include amenities like 6000+ extra parking spaces, an interconnected public transport system, and other leisure points.
At a press conference held for the unveiling of Phase 1, Issam Galadari, CEO of Ithra Dubai announced that the first part of the Gold Souk Extension will be called District 11 and District 13 and will become the foundation of the project.
“The DEP will offer solutions of modernisation and efficiency in the utilisation of space, such that it will improve the movement of goods in and around the Deira area.” He added that, “The Gold Souk Extension, like the DEP, will look to preserve the character and culture prevalent in this established trading neighbourhood, taking into account the distinct heritage of the area as it looks to improve it and help it meet the demands of modern commerce.”
Commenting on the need for this project, Raad Jarrah, Chief Development Officer at Ithra Dubai explains that the DEP was conceived to complement the existing development after months of groundwork and research. “Ithra has worked closely with existing traders and stakeholders at the souk to understand their needs and addressed and incorporated most of their comments. I believe the result will be a heightened shopping experience for both traders and shoppers.”
Ithra Dubai added that while the Gold Souk Extension is set to open next year, completion of phase 1 is scheduled for 2023, meanwhile phase 2 is still in planning stages.
