The expansion of residential communities in Abu Dhabi is driving growth in the retail sector, operators said.
The spread of Mohammed bin Zayed City and the rejuvenation of the Musaffah area has spurred the owners of Dalma Mall to apply for approval for an expansion that will double its size from the current 255,000 square metres. Stretching more than 1 kilometre in length, the mall is already home to 320 shops and has a daily footfall of 48,000.
Mall executives have a 10-year strategic plan that includes expanding its entertainment features and adding warehousing space.
“We have a catchment area of about 600,000 people within a radius of 5 km [and] we have 98 per cent occupancy,” said Mohammed Al Mazrouei, board member of The Developers, the mall’s owner and operators. “In the last 18 months we have seen massive growth in the surrounding area and the sales in our stores. The bridges have been finished in the area and the roadworks have gone and now retailers are seeing a month-on-month increase of 20 per cent in sales.”
Only 320 stores out of a total capacity of 420 are currently open because the mall is undergoing a refurbishment and refit which will add four mosques for the surrounding community, including one that can accomodate 400 worshippers.
About 1,200 units were added to the residential stock in the capital during the third quarter, taking the total residential stock to approximately 242,000 units, the property services and investment firm JLL said last month.
“Housing demand remains strong across all price points driven by population growth,” it said.
According to a retail sector report in June from the consultancy AT Kearney, UAE consumers are seeking greater proximity of outlets, leading to more community formats for their convenience. The convenience store segment was the fastest-growing in the country last year, with the number of outlets expected to increase 10 per cent to 443 by 2018, up from 336 this year, Euromonitor said.
In July, 7-Eleven, the largest operator of convenience stores in the world, said it would open stores in the UAE next summer.
Circle K, the Canadian-owned chain, already has 40 stores in the Emirates with 10 stores in Abu Dhabi and plans another four before the end of the year.
“It’s interesting to note that the expansion is coming at the value end of the market. Both Dalma Mall and Circle K deal in ubiquitous brands that are used by the general public and that is where the increase is coming in the population, which of course drives the property sector,” said Craig Plumb, the head of research Mena at JLL.
By 2016 Circle K expects to have more than 100 more stores in the UAE and plans a further 250 after that.
“We see our main growth in Abu Dhabi, when we first came into the market it was Dubai but that has now changed,” said Fahmi Al Shawa, the managing director of Circle K. “It is Abu Dhabi’s growth that is opening up new opportunities for us.”
Last year hundreds of groceries were closed by the Abu Dhabi Food Control Authority after failing to comply with a January 1 deadline to meet the new Baqala standards, which include better refrigeration, shelving and decor.
“Our sweet spot is a 1,000 sq feet store in an area with a captive audience, we are open 24 hours – apart from some specific locations – and backed by a $30 billion company that knows retail and is focused on Abu Dhabi,” Mr Al Shawa said.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
COMPANY%20PROFILE%20
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Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
COMPANY%20PROFILE
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