Dubai Gold Souk Extension on track for opening in fourth quarter

DUBAI: Dubai’s iconic Gold Souk in Deira is on track for the opening of its expansion in the last quarter of this year, Khaleej Times quoted experts at Ithra Dubai, as saying.

The real estate developer and manager, which is wholly owned by the Investment Corporation of Dubai, has also announced that new traders and retailers are already setting up shops in the new landmark destination as part of the Deira Enrichment Project (DEP).

The project 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. A highlight of DEP, the Gold Souk Extension (GSE) will redefine the overall experience at the traditional gold and jewellery market, which is home to Dubai’s trading heritage that dates back to the 19th century.

Issam Galadari, director and CEO of Ithra Dubai, said that the Gold Souk in Deira has always been a main attraction for residents and tourists alike. “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. It is a pleasure to see the Dubai Enrichment Project coming to life with every new district we open, and we look forward to adding the Gold Souk Extension, another landmark that will boost the economic activity in Dubai’s original trading hub.”

Ithra Dubai conceived the Gold Souk Extension following extensive discussions with existing stakeholders in order to deliver the best solutions for their trading needs.

The extension will elevate the whole shopping and trading experience, offering solutions for both customers and retailers with ultra-modern commercial and retail spaces.

The extension includes the Maryam and Hind Plazas, covers an area of around 1.2 million square feet and consists of 295 retail units and 255,000 square feet of office space, in addition to 468 residential units ready for leasing.

A number of international and home-grown jewellery brands, including Al Romaizan Gold and Jewellery, Malabar Gold and Diamond, Al Kanz Jewellery, Dhakan Jewellers, Jawhara, Gold House, Hyatt, New Mashoom, Top Gold, Zayan, Iman, Navran Jewellers, Ismail, Popley and Kalyan Jewellers will soon call GSE home.

A new RAK Bank branch will open in the area, as well.