The Gold Souk Extension by Ithra Dubai will be seen as a progressive step forward in Dubai’s legacy of trade

How do you hope the Gold Souk Extension will be perceived by the local community?

The Gold Souk Extension will be seen as a progressive step forward in Dubai’s legacy of trade. Historically located along the Silk Road, traders set up shop to sell their handmade pieces, then as early as 1900, a handful of small family-run shops sold gold along the Creek. Dubai built on this legacy, turning it Issam Galadari, Director and CEO of Ithra Dubai, explains how the Gold Souk Extension will positively impact its surrounding communities, creating a ripple effect that will drive opportunity “IT WILL SERVE AS A NEW LANDMARK THAT WILL BOOST ECONOMIC ACTIVITY into a global gold and jewelry trade centre. In a few decades, the industry gained a reputation for highquality gold standards, authentic jewelry designs and trustworthy sellers, transforming it into a magnet for tourists and residents alike and earning Dubai the nickname The City of Gold. The Gold Souk Extension will elevate this reputation on the global stage, making this a historic move that will enrich Dubai’s legacy. The Gold Souk Extension is part of the Deira Enrichment Project, designed to rejuvenate Deira, draw business, create more job opportunities, and position Deira as a destination for living and tourism. The local community understands these benefits, and they will enjoy the green, walkable areas around the city, the increased modern transportation, and they appreciate that the Gold Souk’s rich cultural heritage will be protected.

How will the Gold Souk Extension enrich the lives of the merchants?

The Gold Souk Extension was conceptualised in liaison with existing stakeholders to ensure all necessary infrastructure and supporting services are available for merchants, including workshops, a training centre, exchange houses, bullion dealers, banks, serviced offices, co-working spaces, and F&B outlets. The project aims to maximise value for new and existing traders. Merchants will enjoy the new and upgraded shops, complemented by state-ofthe-art-facilities, greener spaces, shaded walkways, new bridges connecting residential and commercial.

How will the Gold Souk Extension enrich the lives of the merchants?

The Gold Souk Extension was conceptualised in liaison with existing stakeholders to ensure all necessary infrastructure and supporting services are available for merchants, including workshops, a training centre, exchange houses, bullion dealers, banks, serviced offices, co-working spaces, and F&B outlets. The project aims to maximise value for new and existing traders. Merchants will enjoy the new and upgraded shops, complemented by state-ofthe-art-facilities, greener spaces, shaded walkways, new bridges connecting residential and commercial buildings, and supporting services and a lively community that lives and works nearby.

The local community will benefit from the green, walkable areas around the city and enhanced transportation options, while appreciating that the Gold Souk’s rich cultural heritage is protected.

Because of its improved accessibility, the area will attract greater footfall and become a leading destination for tourists and residents. This in turn, will translate to increased sales for merchants, enhancing their economic prospects.

How will the Gold Souk Extension positively impact Dubai’s economy?

Deira is the main commercial artery along the Dubai Creek and it accounts for at least 10 per cent of the emirate’s GDP. The Gold Souk Extension will positively impact its surrounding communities, creating a ripple effect that will drive opportunity. It will serve as a new landmark that will boost economic activity in Deira, Dubai’s original trading hub.

How will Ithra strike a balance between preservation of the Gold Souk’s heritage and modernising it?

The Gold Souk Extension will supplement and improve the existing foundation at the Gold Souk, while maintaining its unique heritage. Throughout the planning process of the Deira Enrichment Project, we have realised the importance of its location and cultural characteristics that provide an added value to our offering.

How will you drive tourists to the Gold Souk Extension and create international awareness about this megaproject?

In partnership with the Dubai Gold and Jewellery Group (DGJG) and the Department of Tourism and Commerce Marketing (DTCM), local and international advertising and PR campaigns will create awareness about the Gold Souk Extension and everything it has to offer tourists and residents alike.

Courtesy: Retail Jeweller World News