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Young Emirati entrepreneurs make up the majority of hundreds of local business persons who have snapped up shop space at the Deira Islands Night Souq, according to the project's developer Nakheel.
Some 1,200 retail and restaurant units have been reserved by Emirati traders during the Night Souq's launch early this month, with investors ranging from early 20s to over 60-years old. Stretching 1.9km along Deira Islands' waterfront, the Night Souq will include 5,000 shops and 96 quayside cafés and restaurants.
"We are highly encouraged by the response to the launch of our Night Souq, especially as so many investors are youngsters," said Nakheel Chairman Ali Rashid Lootah. "The Souq is set to unite a new generation of local traders at Dubai's oldest and most traditional business hub. It is refreshing to see such a keen group of budding businessmen and women wanting to be part of this exciting new project, which will extend the traditional commercial activities of Deira and provide a new destination for Dubai's residents and tourists.
"Nearly a quarter of the available space is already taken, and we expect this momentum to continue as word spreads about the opportunities available at Deira Islands Night Souq."
Located just across the water from mainland Dubai, the Night Souq will be easily accessible by road and water transport. It is also within walking distance of hotels, residences and the Deira Islands Mall, Nakheel's other major retail project on the islands.
Reem Ali AI Shehhi, who reserved a 1,000-sq-m area at the Night Souq, said: "The project is perfectly located, with encouraging prices. Nakheel's allocation of the first two weeks of the project's launch for Emirati investors is a great way to create a balance between UAE national traders and business persons from other countries."
Deira Islands is a four-island waterfront development that will add 40km to Dubai's coastline, including 21km of beachfront.
Source: Property Weekly