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The Gold Souk Extension Announced as part of Deira Enrichment Project

02 Oct, 2018

Boost for Deira as Ithra Dubai Looks to Enhance Historic Trading Neighbourhood

DUBAI, UAE – 2nd October 2018: At an event attended by over 300 prospective tenants and representatives of Dubai’s Gold Council, Ithra Dubai, the master developer responsible for the enhancement and enrichment of Dubai’s historic commercial hub, today revealed its plans for the Gold Souk Extension, as part of the first phase of Ithra Dubai’s ambitious Deira Enrichment Project (DEP).

Covering 684,790 ft2, the new Gold Souk Extension will host approximately 176 retail units and 225 offices, in addition to 289 residences. Attendees of the event were given the opportunity to preview the proposed extensions and improvements taking place across the gold souk extension, and register their interest in the new retail and office units being offered in the expanded souk.

Looking at the bigger picture, the Deira Enrichment Project, one of the biggest developments in Ithra Dubai’s portfolio, looks to realise the potential of the historic Deira neighbourhood within the context of modern-day Dubai. When completed, it will enhance the form and function of the area, offering in total over 840 retail spaces, 400 offices, hotels and serviced apartments, in addition to 2,200 high-quality affordable residences, ensuring the continuity of economic activity in the area for generations to come.

Commenting on the development, Issam Galadari, CEO of Ithra Dubai, outlined the drivers behind developing the souk: “The DEP will offer solutions of modernisation and efficiency in the utilisation of space, such that it will improve the movement of people and goods in and around the Deira area.” He went on to add, “The Gold Souk Extension, like the Deira Enrichment Project, will look to preserve the character and culture prevalent in this established trading neighborhood, taking into account the distinct heritage of the area as it looks to improve it and help it meet the demands of modern commerce.”

For his part, Raad Jarrah, Chief Development Officer at Ithra Dubai, emphasised that, “Ithra Dubai has worked closely with existing traders and stakeholders at the souk to understand their needs and addressed and incorporated most of their comments. I believe the final result will be a heightened shopping experience for both traders and shoppers. “

Commenting on the interest received from attendees of the launch event, Lachlan Gyde, Executive Director – Retail, Residential, and Commercial, said, “We’re delighted with the unprecedented level of interest from retailers in the new units.  It highlights that success will always be guaranteed for developments that meet the needs of retailers and shoppers alike,

because long-time stakeholders could see that our plans wholly serve their needs and aspirations,” he added.

Meanwhile, Mr. Tawhid Abdullah, chairman of the Dubai Gold & Jewellery Group, shared his enthusiasm for the project: “I have spent most of my life in and around Deira gold souk, I am very excited to see the new developments in the area. We believe that Ithra has considered the traditional and emotional values of this area while bringing in modern facilities and new infrastructure for traders and visitors. We hope that the new extension to gold souk will be an amalgamation of traditional business centers and modern shopping arenas; and hopefully enhance the status of Deira gold souk as a shopping, tourist and business destination”

Alongside the Deira Enrichment Project, Ithra Dubai manages and develops some of the most ambitious real estate projects currently being undertaken in Dubai.