UAE-based master developer Nakheel retail arm, Nakheel Malls has launched a centralized one-stop-shop ‘Souk Al Marfa’ in partnership with the multinational logistics company, DP World.
Strategically situated at Deira Islands and stretching 1.9 km along the waterfront, Souk Al Marfa is near to Mina Rashid, Mina Al Hamriya, and Deira Wharfage, with the potential to ship and import directly to its 2,500 shops and pavilions. The vibrant retail and trading hub, which opens in April 2021, will operates all 365 days a year.
The centralized one-stop-shop at Deira, Dubai’s oldest and most traditional trading hub, Souk Al Marfa offers traders affordable growth opportunities by providing 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.
Dubai is already the world’s third-largest re-exporting hub, serving countries including the Gulf Cooperation Council, Africa, Iraq, and Yemen. So, the new trading hub will provide a unique chance to unlock more inbound investment and improve trade from neighboring countries.
“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 our recently-launched NAU application that connects Dhow owners with traders allowing them to search, negotiate and book shipments, and utilize the strategic location of Mina Rashid, Mina Al Hamriya, and Deira Wharfage that is managed by DP World.”
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 centralized trader experience and a new stream of economic activity. Nakheel Malls’ partnership with DP World further cements our long-standing commitment to driving the retail industry in Dubai.”
Souk Al Marfa is the second collaboration between Nakheel Malls and DP World after dragonmart.ae, the eCommerce platform which was launched in September 2020.