DUBAI // The opening of the first phase of Mall of Arabia, which will outsize Dubai Mall when complete, has been pushed back until 2012, officials say. The first section of the mall, with roughly 371,612 square metres of leaseable retail space, was scheduled to open at the end of 2010 but was delayed to wait for the ramps, junctions and overpasses leading to be completed, said Myra Searle, the senior vice president of retail at City of Arabia. "The main key things are access points. When Dubai Mall opened, they had a lot of access issues," she said. "We're actually waiting for their (access points) completion date so we know we have free flowing access, because that's very much what its dependent on." Mall of Arabia, located in the City of Arabia mixed-use development in Dubailand, will have a total gross leaseable area of 929,030 square metres when complete, making it larger than Emaar's Dubai Mall. Eighty-nine per cent of the mall has already been pre-leased to tenants, she said. Retail rents in Dubai have fallen by roughly 33 per cent since the peak of 2008, according to real estate research firm Cushman and Wakefield, as consumer spending has fallen and retailers have become reluctant to expand during tough economic conditions. Michael Atwell, the head of Middle East operations at Cushman and Wakefield in Dubai, said delaying retail projects in this climate is the right move. "Visitors and spending has reduced," he said. "It is not just a regional problem, it's a global problem."
- A home of their own for Indian expats
- Five factors to consider when buying property in India
- Investor wins compensation from developer over stalled Abu Dhabi project
- ‘Ghost tower’ finally comes to life in Dubai’s JBR
- In pictures: Dubai ‘ghost tower’ gets breath of life
- Tamweel executives jailed 10 years for Dh46m Dubai Government land plot scam
- Most Viewed
- Most Commented
- Most Viewed
- Most Commented
- Dubai civic chief calls for tough curbs on car ownership
- Federal Traffic Council approves proposal to lower UAE driving age
- Men ripped off woman’s clothes in bathroom, Abu Dhabi court hears
- Ties no longer mandatory for Dubai cabbies amid safety concerns
- OSN blames rival for TV sport blackout in the UAE as fans will have to buy new set-top boxes
Central Bank chief warns Basel III capital rules could curb SME growth
The Basel bank industry regulations, unpopular with many bankers who see them as stifling growth, aim to prevent the kind of financial crash the world witnessed in 2008.
Abu Dhabi and Dubai among world’s fast growing premium property markets
Knight Frank says improved economic indicators and a more stable property market helped Abu Dhabi and Dubai to rise in the company's rankings.
In pictures: 2014 Geneva Motor Show displays the stylish and conceptual
The 84th edition of the show opens its doors with a vast array of stunning cars, and creative design and engineering.
Sailing Arabia appeals to Gulf’s seafaring heritage
An Arabian Gulf yacht racing series, backed by some heavyweight sponsors, is helping Abu Dhabi and the wider GCC expand its appeal as a top destination for competitive sailing.
In pictures: Top 10 countries with fastest growing potential for luxury spending
The UAE has the world’s second greatest potential for luxury spending growth after Qatar, according to the Knight Frank Wealth Report, published on March 5.
Rates report: Latest on UAE loans, accounts and credit cards
Souqamal.com brings you the latest interest rates on banking products in the UAE.