The country’s largest mega gold and jewellery destination is preparing to open its doors, with the first set of retailers opening this month.
The Gold Souq Extension is taking shape opposite the historic Deira Gold Souq, which is known as the heart and soul of trade in Gold and other precious stones. The Extension is being overseen by the Dubai government-owned developer Ithra.
There will be around 200 new stores ready to open in Phase 1, with Indian retailer Malabar Gold & Diamonds having big plans for the Gold Souq Extension with three stores set to open, one of which will be the largest in the Gulf at just under 5,000sq ft.
Abdul Salam K.P., Vice-Chairman, Malabar Group, said: “We are back in expansion mode in the UAE after two years, and the best place to start will be Dubai’s latest attraction for the gold trade. We will have the three Malabar stores open simultaneously this month as part of a $100M new store rollout we have across our network in January.”
Apart from the planned stores, there will also be offices and safe-houses to service all of the needs of the precious metals trade.
