Dubai Festival City received an unprecedented amount of attention at the recent International Council of Shopping Centers (ICSC) Asia Expo in Singapore, addressing a group of more than 500 developers, retailers and other shopping centre industry professionals.
The Asia Expo, held at Singapore’s Suntec International Conference and Exhibition Centre, hosted delegates from over 30 countries, providing a strategic platform for Dubai Festival City to raise its profile as a retail industry leader and build alliances with key contributors to the Asian market.
“ICSC Asia 2006 was the ideal opportunity for Dubai Festival City to build global awareness not just for its own brand, but for Dubai Inc. as an emerging retail and tourism destination of global standing, as well maximise potential future trading co-operation with the Asian business community,” said Phil McArthur, Managing Director of Shopping Centres and Commercial Real Estate, Al Futtaim Group.
It is estimated that by 2009, 50% of the UAE GNP will be attributed to the shopping centre industry, making this sector one of the most significant contributors to the national economy. In light of this fact, the Dubai Festival City Exhibit proved very popular among delegates and received a personal visit from the Singapore Minister of State for Trade and Industry, Mr. S. Iswaran, who expressed admiration for the project.
A presentation by Mr. McArthur, emphasized the scope of opportunities for both Asian and international retailers entering the Middle Eastern market in direct reference to the current industry climate in Dubai, giving an expert synopsis of intelligent retail planning in a booming market.
“The sophisticated consumers of Dubai want new and interesting retail offerings in addition to the proven brands that are currently found in the existing shopping centres; this is a nation of many cultures and tastes with well traveled residents looking for variety and new experiences.“ Commented Mr. McArthur
Adding “Through an intelligent retail mix which gathers together high performance retailers from every corner of the globe, and the inclusion of value added facilities such as entertainment, hotels and leisure and dining facilities, Dubai Festival City has created a completely new shopping experience in the G.C.C region, providing a ‘fusion’ experience in a downtown waterfront environment.”
With the growth of local infrastructure and financial facilities in Dubai, investments from Asian contingents are on the rise, as many firms look towards the UAE for expansion opportunities. This is good news for shopping centre developers in the region as they seek to include a wider range of retail outlets to satisfy customer demand.
Dubai Festival City continues to support the initiatives of the International Council of Shopping Centres (ICSC) to raise the bar in retail standards, aiming to establish codes of fair business ethics in dealing with retailers, consumers and government and public agencies; encourage research into the architecture and design of shopping centers and develop improved management and maintenance methods.
