Dubai's Mostafa Bin Abdullatif Group, which owns and operates The New Store home accessories retail outlets, is to invest 10 million Emirati dirhams ($2.72 million) in expanding its Emirates-wide network. The expansion, which will see new showrooms opening in Sharjah, Dubai and Al-Ain, was unveiled Thursday, October 4, at the Index 2001 furnishings and design exhibition.
"The first will be a 2,000 square meter outlet in the Sahara Center in Sharjah and is due to open in January," said Marketing Manager Salahuddin Abbasi. "Others will also open next year in Dubai's Bur Juman Center and in one of Al-Ain's leading mall complexes." The three outlets will join The New Store's existing UAE network, which boasts two outlets in Dubai and one in Abu Dhabi, retailing up to 70 international home ware brand names.
"We are making this investment because the UAE retail sector is performing well despite the slowdown in the third quarter," said Abbasi. "We anticipate the market will pick up again in the new year with tourism reasserting its influence and with a projected influx of new residents for which huge housing projects are already underway." — (Mena Report)
© 2001 Mena Report (www.menareport.com)
