Dolmen is set to build more malls in Pakistan



The developer behind one of the first big shopping malls in Karachi plans to construct other malls in Pakistan by raising finance through a property investment fund.

Dolmen Group, the company behind the newly built 25 billion Pakistani rupee (Dh973 million) Dolmen Mall and office complex in Pakistan's biggest city, will build a similar sized mall in Lahore and hopes to entice international and Arabian Gulf retailers to the project.

Opened last September, Dolmen Mall in Clifton, Karachi, has 162 stores and has attracted a whole host of well-known brands.

It is one of the first mixed-use developments in Pakistan and will eventually encompass a mall, four commercial towers and a hotel or serviced apartments.

"If you take only 20 per cent of the total population as a customer of international brands, then there are more numbers in Karachi than Dubai," said Nadeem Riaz, the chief executive of Dolmen Group. "In Karachi there are a lot of wealthy people."

Mr Riaz wants to use the profits generated from his first major mall to provide an income to investors in a fund that will finance the mall in Lahore.

He plans to become a major malls developer across Pakistan.

Debenhams recently signed a deal to become an anchor tenant in the Karachi mall and Majid Al Futtaim operates a Hyperstar supermarket, which is a rebranded form of Carrefour.

Dolmen Mall in Karachi is also in talks with a major Gulf retailer to make up the last anchor tenant.

Other brands trading in the mall are Next, Timberland, Tissot, TAG Heuer, adidas, Mango, Nine West, Monsoon and Mothercare.

"Only a few brands were operating in Pakistan before this mall," said Mr Riaz.

He added the mall in Karachi attracted an average of about 18,000 people per day, which regularly grew to 100,000 at weekends.

The entire mall and office complex in Karachi is 4 million square feet, with 550,000 sq ft of retail space.

In the food court, Noodle House, Subway, Fatburger and Papa Roti, among other brands, are present.

"After the first mall, it depends on the [property fund] return," said Mr Riza.

"Our strength now is the brands, they are there and ready to move anywhere Dolmen moves."

The international professional services company Deloitte last year cited Pakistan in a report on countries that were potentially lucrative markets for retailers.

Dolmen Group owns and operates two small shopping centres in Karachi as well as the major mall in Clifton.

The company is family owned. Mr Riza declined to disclose annual profits or sales.

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  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

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COMPANY PROFILE
Name: Almnssa
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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

THE BIO: Mohammed Ashiq Ali

Proudest achievement: “I came to a new country and started this shop”

Favourite TV programme: the news

Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”

Family: six sons in Dubai and a daughter in Faisalabad

 

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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

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Install an air filter in your home.

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pakistan Test squad

Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants