A green light was given for the UAE’s 130-million-dirham Dubai Textile Village project, following the signing of a 15-year lease agreement between Dubai Ports and Customs (DP&C) and Texmas, the umbrella organization representing Dubai’s textile merchants.
When complete, in about two years time, the Dubai Textile Village will occupy an area of 5 million square meters and will include 400 individual stores, ranging in size from 1,000 square meters to 10,000 square meters. Its concept is based upon an existing textile complex in Naples Italy, but the Dubai facility will be larger.
Talking to the Khaleej Times, Haji Ibrahim, the chairman of Texmas, said the project has already attracted about 140 Texmas members, who have booked between 70 percent and 80 percent available. Another 60 to 80 traders are expected to join the Village in January, when the remaining space becomes available.
Traders will pay 40 fils per square feet annually during the first 15 years of lease, Ibrahim explained, after which they will add 15 percent of the actual market price for the land. The stores will be built by the textile traders themselves. — ( Albawaba-MEBG)