Business leaders from the retail real estate sector that have converged for two days in Dubai for the 13th Annual Middle East Council of Shopping Center's convention announced multibillion dollar mall developments. Nakheel Retail announced five new retail space developments spanning 13 million square feet, and comprising five individual megamall projects, all in Dubai. The new projects totaling $3 billion include: Palm Mall, Palm Jumeirah; Palm Mall, Palm Deira; Great Mall Dubai; Ibn Battuta Mall Expansion and India Mart. By 2012, as a result of the new projects announced at the MECSC Convention, Nakheel Retail will be the largest shopping mall developer, owner and manager in the region. The group is expected to be one of the largest in the world (alongside companies such as Lend Lease and Wesfield) by 2018, but spokespeople remain tight-lipped about any other projects in the pipeline. “Nakheel is known for its iconic projects and this extends to all its divisions. With the design and delivery of five new innovative, world-class shopping malls, through our shopping malls division Nakheel Retail, is poised to become one of the most successful shopping mall developers, managers and owners in the world,” said Graham Dreverman, group managing director, Nakheel Retail. With the anticipation of a decade-long explosion in retail real estate development throughout the region, John Davis, chief executive officer Middle East, Colliers International “retail development in Abu Dhabi is immense.” He believes Abu Dhabi has approached development in a different way to Dubai. “It's not a case of bigger is better,” he added. According to Davis, the culture of the Emirati people is completely different to elsewhere in the world, likewise their shopping habits. The mall concept that emerged in 2001 with the Marina Mall in Abu Dhabi, involved active education of the population. UAE-based Al-Futtaim Group Real Estate launched their 3 million square meter development in Cairo, at the convention. The privately funded EGP20 billion, Cairo Festival City will be a spectacular blend of contemporary themes and creative architecture, setting new standards for shopping and modern lifestyles in Egypt's capital. Cairo Festival City is poised to be the first indoor-outdoor retail and entertainment resort combined with luxury residential communities, prime office spaces, international hotels, schools and an automotive park set within a lush landscaped environment. “The retail zone is a positive addition, but we would like to see it expanded,” said Robert Schmitz, chief operating officer, Hot Brands International. Hot Brands International highlighted their restaurant expansion plan at the MECSC convention which will see the UAE-born company expand into other parts of the region including the Kingdom of Saudi Arabia. “Saudi Arabia is a tremendous part of our expansion. We will have 50 locations within the next 30 months. Currently, we are declining site offers, simply because we cannot open all 50 restaurants on the same day. The interest is overwhelming,” said Schmitz. In Dubai, the group is anxiously anticipating the opening of a new Japanese outlet “Momotaro” at Souk Al-Bahar, Old Town. Aswaq Management and Services has joined a growing list of participants who are singing the praises of the convention, saying it provides a remarkable opportunity for their team to meet up “We managed to lock-in key electronics, bookstore, fashion retailers and entertainment operators for Bawabat Al-Sharq Mall in Abu Dhabi,” said Ali Hasan, commercial director, Aswaq Management, Abu Dhabi. Next year, the MECSC convention will be held on March 16-17 March.Capital Gate takes shape ABU DHABI – Abu Dhabi National Exhibitions Company (ADNEC) has announced that construction of Capital Gate, Abu Dhabi's gravity-defying feature tower, is proceeding on schedule. The latest stage of the construction is the pouring of over 6,000 cubic meters of concrete to create the base of the 160m, 35-storey iconic tower. Some 850 trucks are arriving on the site adjacent to the Abu Dhabi National Exhibition Center over a 30-hour period and the concrete will be pushed through five huge pumps which will work simultaneously and non-stop throughout the entire period. The concrete will be pumped onto an incredibly dense mesh of reinforced steel which has been designed to be especially strong due to the unique posture of Capital Gate. The mesh sits above a complex distribution of 490 piles which have been drilled 30 meters underground to accommodate the gravitational, wind and seismic pressures on the building caused by the distinctive lean of the building. Simon Horgan, CEO of Abu Dhabi National Exhibitions Company, the master developer of Capital Gate, said: “This is a landmark occasion in the construction of Capital Gate. The unique nature of this building has meant that the teams responsible for delivering Capital Gate have experienced some immense challenges, which they have overcome through vision, ingenuity and cooperation. There is nothing standard about this tower. Each room is different, each pane of glazing is different and every angle is different. It was designed to provide no symmetry to inspire both visitors and observers, yet the delivery team, comprised of ADNEC, Al-Habtoor Construction, MACE and RMJM, is consistently hitting target dates for delivery.” Capital Gate is scheduled for completion in autumn 2009. When complete it will house the executive 5 star hotel “Hyatt at Capital Center”, Abu Dhabi's first Hyatt hotel. Additionally, it will provide the most exclusive office space in the UAE capital city. PALME 2008 kicks off DUBAI – The sixth PALME Middle East show - Mid East's premier entertainment and event management show - opened on Sunday (today) at the Dubai International Exhibition Center with a cast of thousands thrust into the limelight Spurred by the continued boom in tourism, regional real estate investment and the exponential growth in the events industry, PALME 2008 the Middle East's biggest gathering of entertainment industry professionals is set to break all previous records. “This year's show has set a new record in terms of the number of exhibitors and the amount of exhibition space sold. Five exhibition halls covering 20,000 square meters have been sold out for some time and with trade visitor numbers expected to top 8,500, PALME is now firmly established as the world's largest event of its kind,” said Neil Hickman, Group Exhibitions director of event organizers IIR Exhibitions Entertainment and Installations Technology Group. PALME 2008 will accommodate 272 exhibitors and represent over 800 companies. A strategic change in the event structure of PALME has led to the successful evolution of three clearly defined vertical sectors, Install, MUSAC and Event 360. Combined they cover the entire spectrum of the entertainment industry, from cabling and lighting solutions to musical instruments and live acts. The clarity in the dedicated verticals, their synergy and the overall strategic direction of the event has spurred an influx of first time exhibitors especially in the burgeoning regional events industry. With a plethora of new and enlarged venues springing up particularly in Dubai and Abu Dhabi, Event 360 has benefited enormously from the growing number of professional event managers throughout the Middle East. “This sector is growing rapidly. Not only due to the greater size of the new venues which can attract ever-more popular entertainers, but the volume. This year we decided to launch the Event 360 conference program and a dedicated awards scheme,” said Hickman. __
