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| Source: Nakheel. Artist's impression of Souk Al Marfa with cargo dhows in front of it. Souk Al Marfa is located at Deira Islands and stretches 1.9 km along the waterfront. |
Nakheel Malls, the retail arm of master developer Nakheel, has launched Souk Al Marfa in partnership with DP World, the smart trade enabler and provider of global end-to-end supply chain logistics. Due to open in April 2021, the retail and trading hub in Dubai will operate 7x365. UAE citizens, residents and tourists are welcome to visit.
Souk Al Marfa enables inbound investment and could increase trade from surrounding countries. Agreements with small and medium sized enterprise (SME) traders will feature 100% foreign ownership, repatriation of capital and profit, no restrictions on currency movement, logistical ease and ancillary amenities such as warehousing, office space, showrooms, ancillary retail and F&B facilities; all with minimal paperwork.
Omar Khoory, Chief Hospitality and Assets Officer, Nakheel, said: "Dubai excels in the movement of goods globally through its port facilities, but we uncovered an opportunity for SME traders at a wholesale level. Souk Al Marfa will bridge this gap and provide a vibrant centralised trader experience and a new stream of economic activity. Nakheel Malls' partnership with DP World further cements our longstanding commitment to drive the retail industry in Dubai."
Mahmood Al Bastaki, Chief Operating Officer, Dubai Trade World said: "The launch of Souk Al Marfa will further enhance the wholesale trade capabilities in Dubai. By partnering with Nakheel Malls, the leading retail developer in Dubai, we reaffirm our commitment to provide global supply chain solutions and enhance cargo logistics in the region. Additionally, we hope this project leverages from our recently-launched NAU application that connects dhow owners with traders allowing them to search, negotiate and book shipments, and utilise the strategic location of Mina Rashid, Mina Al Hamriya and Deira Wharfage that are managed by DP World."
Located at at Deira, Dubai's oldest and most traditional trading hub, Souk Al Marfa is near Mina (Port) Rashid, Mina Al Hamriya and Deira Wharfage, with the potential to ship and import directly to its 2,500 shops and pavilions.
Souk Al Marfa is the second collaboration between Nakheel Malls and DP World to be announced in the last five months. The first, dragonmart.ae, was launched in September 2020.