The original shop owners who operated at Abu Dhabi's old souk will receive a cut of the profits generated from the new version being built in its place. Those who traded at the original market, which burnt down almost eight years ago, will get a slice of the profits from the developer behind the new project, Aldar. The amount will be based on the floor space each trader had originally, said Mohammed al Mubarak, the company's chief commercial officer.
"These shop owners are part of the history of Abu Dhabi," he said. "They have created retail in Abu Dhabi, and if it wasn't for them we wouldn't see these shopping malls today. "We see [these traders] as an important and integral part." Abu Dhabi's old souk, located near the junctions of Khalifa Street, Hamdan Street and Airport Road, opened in 1970 but was destroyed by fire in 2002. In its place, Aldar is building a complex called Central Market, which will include residential and business towers, a shopping mall and a modern interpretation of the original souk.
The agreement to share the profits from the new three-storey market came after a decree from the Abu Dhabi Executive Council, which was made public in October, Aldar said. The decree was ratified last month after it was cleared by the Urban Planning Council. "Aldar does not profit from the souk," said Mr al Mubarak. "The only thing that is paid for through the profits are expenses, management of the mall, cleaning and security."
Some of the original 286 owners will also be offered retail space in the new souk if their businesses are deemed suitable, Aldar said. Naeem Ghafoor, the chief executive of the consultancy Skyline Retail Services in Dubai, said the whole initiative was "innovative". "It's a good thing. The people who get their store space will be able to generate income, and those that won't get store space will still get profits as well."
The first 100 stores of the souk are expected to open in March, said Mr al Mubarak. Aldar had hoped to open this first wave by last month. The opening date was delayed, however, because some construction materials were delivered late, and extra work was needed, he said. The souk's design will incorporate panels of stained glass and slotted wood panels to evoke the sense of a traditional market. About 30 per cent of the units are now leased and Aldar is in advanced leasing negotiations over the remaining retail spaces.
Mr al Mubarak said he expected the market to be fully leased within the next three months. At least 2,000 retailers have expressed an interest in the souk since Aldar started taking enquiries last summer. So far, Aldar has signed up standard souk traders, such as jewellers, food and beverage sellers and those dealing in traditional garments. To stay true to the market's former life, most will be smaller, independent retailers.
The leasing process has also begun for the adjoining emporium, which will house 170 stores, mainly high-end fashion brands. The shopping centre, which will be linked to the new souk by a bridge, is expected to open in 2012. @Email:aligaya@thenational.ae
