Dubai Gold Souk Extension: The time has come to rise and shine

Walking around Deira and into Dubai’s oldest commercial quarter, you are plunged in an aura of light and amber and you find yourself in a place where all that glitters is definitely gold – The Dubai Gold Souk.
The success of Dubai’s booming market for gold lies on a bedrock of key elements like safety, law of the land, hassle-free modes of business, excellent logistics, dedicated governmental bodies and above all – the ”golden” transit point between Africa the Middle East and Asia, and an envious proximity to the world’s largest sources of gold in China and Africa as well as its largest markets in India and China.
Keeping up with the city’s futuristic and ever evolving image, Ithra Dubai, the powerhouse real estate developer wholly owned by the Investment Corporation of Dubai is rejuvenating Dubai’s historic heart of commerce. The colossal development is aptly named the “Deira Enrichment Project,” (DEP) and counts the Gold Souk Extension as one of its pillars.

The Extension celebrates the traditions of Deira, taking it forward to meet the demands of modern commerce and improve this established commercial address. The development and expansion of the current Gold Souk is aimed at recreating the olden days for tourists and traders while enhancing and modernizing their experience. Covering a GFA area of 1,181,025 ft2, the Gold Souk Extension will comprise of 468 high-quality affordable residential units, 250 office spaces, 295 retail units, 735 basement parking spaces, and 640 spaces of multistory car parks.
Emanating the Emirati culture and a proud trading legacy with traditions dating back to over a century, Deira has been the commercial center of Dubai since it became a major trading hub. The defining trait of the DEP is its inclusiveness of the past and the present on one hand, and of all stakeholders involved on the other.

Working closely with Dubai Gold & Jewellery Group and Dubai Exports, Ithra Dubai connected with the Souk’s traders and existing stakeholders right from the inception of DEP through each step of the project to ensure that their needs are met with enhanced solutions.
Most recently, Ithra Dubai sponsored and participated in the Retail Jeweller India Forum 2020 for the second successive year. The Forum, launched in 2015 in Mumbai, is the sole jewelry retailer platform that offers deep insights into jewelry retail solutions in India. This year’s edition was held on February 12 under the theme “Sustaining and Scaling Future Business,” and brought together more than 200 jewelry retailers, stakeholders and speakers hailing from around the world and different industries.
Presenting to the Forum’s participants on the Gold Souk Extension, Sami Eid – Marketing Team Lead at Ithra Dubai, talked about opportunities for Indian jewelers to own a “Showroom in the heart of the Middle East Jewelry Industry,” stressing on the importance of expanding relationships between the two countries.

Adding on to that, Issam Galadari – Chief Executive Officer and Board member of Ithra Dubai, reinforced the significance of Deira Enrichment Project and the Gold Souk Extension in “providing a unique shopping experience for both retailers and visitors and sealing the Emirate’s status as the world’s city of gold.”
The Deira Enrichment Project is being built in two phases, spread out over 20 districts in phase one and covers a sprawling area of more than 61 hectares and 50 diversely used buildings for each phase of the development. Spanning from the waterfront apartments overlooking The Creek to the Gold Souk, the project promises to create a burst of life that will effortlessly blend in with the rich heritage of communities living in this area. It is a lease and retain model that offers traders, retailers and residents more flexibility and security; none of the units are for sale or on freehold. Phase Two will be rolled out when the market is ready.

The Gold Souk Extension will ensure that international standards are enforced to safeguard traders and retailers and to offer a better environment for the industry. There will be a place for everyone in the rejuvenated Deira; from newcomers to established businesses, new entrants to seasoned players in the gold and precious stones industry. The main objective of Deira Enrichment Project is to create a mutually beneficial environment for all stakeholders and ensure economic development with prosperity for all involved.
There is an exciting buzz among all communities as Phase One of Deira Enrichment Project is coming to a conclusion with the gradual handover beginning in the second quarter of 2020. The Gold Souk Extension is expected to go live by end of 2020.

Courtesy: Retail Jeweller World News Service