Ithra Dubai’s Gold Souk Extension: A sparkling new saga

Historically, the Gold Souk has been the cultural heart of Deira, Dubai’s oldest trading hub. Ithra Dubai’s Deira Enrichment Project (DEP), a mix of residential, commercial, retail and hospitality properties, aims to rejuvenate Deira and maximise the area’s potential, while preserving its distinctive culture and character. While redeveloping the area, Ithra has taken great care to ensure the Gold Souk retains its central position within the development, and continue to help position Deira as a key destination for commerce, culture, and tourism. Building upon the existing foundation of the Gold Souk, the Gold Souk Extension (GSE) upgrades the infrastructure to provide a comprehensive yet streamlined trade environment while preserving the souk’s cultural characteristics and upholding its unique legacy and authenticity. It aims to breathe new life and opportunity into the emirate’s original community centre and trading hub, while preserving its unique charm and enduring entrepreneurial spirit.

The Gold Souk Extension was conceptualised with the existing stakeholders to ensure that all necessary infrastructure and supporting services are available, such as workshops, a training centre, exchange houses, bullion dealers, banks, serviced offices, co-working spaces, food and beverage outlets, and easy access to public transportation.

The Gold Souk Extension will provide shoppers, gold traders, and tourists with a superior experience featuring upgraded shops, state-of-the-art-facilities, spacious and shaded walkways, new bridges, and open passages. It will also provide ample parking spaces with excellent connectivity to public transportation. Located adjacent to the existing Deira Gold Souk, it will bring updated commercial and retail spaces to the area.

The Gold Souk Extension includes Maryam and Hind Plazas, and consists of 295 retail units and 255,000 square feet of office space, in addition 468 residential units ready for leasing and over 1700 parking space. “The Gold Souk in Deira has always been a main attraction for residents and tourists alike,” said Issam Galadari, Director and CEO of Ithra Dubai. “With the Gold Souk Extension, we aim to delight visitors and answer the needs of retailers, all the while maintaining the cultural and traditional charm of the area.”

Several international and home-grown jewelry brands, including Al Romaizan Gold & Jewellery, Malabar Gold & Diamond, Al KanzJewellery, DhakanJewellers, Jawhara, Navrang Jewellers,Ismail, Siroya, Samra, Al Zahra, and Kalyan Jewellersall call GSE home. A new RAK Bank branch will open in the area as well.

The comprehensive trade environment also maximises value for existing and new traders with workshops, a training centre, exchange houses, bullion dealers, banks, serviced offices, co-working spaces, F&B outlets, access to public transportation and ample parking space.

Extensive infrastructure to facilitate transportation is integrated into the development, including a public transportation hub and bridges connecting residential and commercial buildings. An increase in parking capacity with around 1,100 additional basement parking spaces and 640 spaces in multi-storey car parks is expected to improve movement in and around the area. Overall, the Deira Enrichment Project will offer over 8,500 car parking spaces to accommodate residents and visitors.

Ithra Dubai’s DEP is planned in two phases, with the opening of the Gold Souk Extension following the launch of Sherina Plaza, Osha Plaza, Afra Plaza, Wadima Plaza, Maitha Plaza, Maryam Plaza, Hind Plaza, and One Deira. Combined, the firsteight plazas will add 1,231 residential units of Studio, 1-, 2-, 3- and 4-bedroom apartments, 443 retail units, 554,000 square feet NLA office space, and 3,854 parking lots.

Courtesy: Retail Jeweller World News