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Dubai based developer Nakheel, is going from working hard to build upon the successes of their past from the now iconic Palm to the recent success of its Deira Islands Night Souk launch. The Deira Islands Night Souk saw all 5,300 units leased within just five days and all to UAE tradesmen and women. Warsan Souk, a new retail development, will look to open up more opportunities for UAE entrepreneurs, especially for those that run small to medium sized businesses (SMEs).
The development of Deira Islands Night Souk and Warsan Souk is a conscious move on the part of the developer to focus more on the recurring revenues available from the retail sectors and move away from a dependence on property sales.
Just recently, the developer launched over 1,000 merchant retail outlets as well as more than 30 restaurant opportunities within its Warsan Souk development. The vast majority of which (approximately 90% in fact) have already been leased and with exclusive bookings still available for local businessmen and women. Tradesmen are holding on to the promise of the souk’s vibrant return on their investments as the traditional development takes on an innovative look and modern feel.
Warsan Souk will be located between Shaikh Mohammed Bin Zayed Road and Manama Road, just next to International City. The development will have ample roadside parking and will feature two department stores situated at either end of the souk. Putting a modern spin on traditional Arabic souks, there will be a mixture of different types of retail vendors as well as several different restaurants and cafés with both indoor and al fresco dining options for social interactions.
Warsan Souk will have both ground and mezzanine floors occupied by most of the retail outlets. These are all accessible from their own entrance within the souk, making it convenient for dining and shopping. Aside from providing a great new shopping experience for residents and tourists, there are indeed countless new opportunities for young entrepreneurs.
• Nakheel’s retail development targets young UAE entrepreneurs
• It has over 1,000 merchant retail outlets with restaurants, cafés
• The project will have two floors and department stores at both ends
Source: Nicholas Baker, Special to Properties
The writer is a freelancer