Dubai’s Jebel Ali area is set to have a new retail park opening in the third quarter.
The Outlet Village, modelled on a Tuscan hilltop town, will be adjacent to Dubai Parks and Resorts, equidistant between “old” Dubai and Abu Dhabi.
According to its developer, Meraas, it will offer discounted high-end brand merchandise all year round in a medieval Italian town setting.
The 25,000 square metres of gross leasable area is inspired by San Gimignano, which was declared a Unesco World Heritage Site because of its medieval tower houses.
“We are thrilled to add another remarkable concept to Dubai’s thriving retail landscape,” said Omar Ghalib AlBustami, a director at Meraas. “The Outlet Village brings together striking aesthetics inspired by a rich past with contemporary lifestyle, inviting visitors to explore the contrast between old and new.
“We have spared no effort to evoke the charm of San Gimignano and ensure that this distinctive shopping experience includes much-loved and prestigious brands to perfectly match the needs of today’s sophisticated customer.”
While many retailers experienced a fall in sales last year and this year, the UAE retail market set to increase value by 7 per cent this year at US$53.7 billion, over last year, according to data from consultancy Euromonitor International.
Dubai retained its position as the second most important international shopping destination globally last year, behind London.
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Origin
Dan Brown
Doubleday
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
