Nakheel Malls, the retail arm of master developer Nakheel, has joined hands with DP World, the leading smart trade enabler and provider of global end-to-end supply chain logistics, to launch a centralised one-stop-shop, Souk Al Marfa.
Strategically located at Deira Islands and stretching 1.9 km along the waterfront, Souk Al Marfa is in close proximity with Mina Rashid, Mina Al Hamriya and Deira Wharfage, with the potential to ship and import directly to its 2,500 shops and pavilions.
Due to open in April 2021, the vibrant retail and trading hub will operate seven days a week and 365 days a year.
A centralised one-stop-shop at Deira, Dubai’s oldest and most traditional trading hub, Souk Al Marfa provides affordable growth opportunities to traders by offering multiple benefits including 100 per cent 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.
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.
Souk Al Marfa brings a unique opportunity to unlock inbound investment and increase trade from surrounding countries, said a top Nakheel official.
"Souk Al Marfa will 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," remarked Omar Khoory, Chief Hospitality and Assets Officer.
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," he added.
Deira Islands, Nakheel’s new, 15.3 square km mixed-used waterfront city, is set 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.