42 shops sold for Dh61.11 million at new Naif Souq

DUBAI — Shops in the newly built Naif Souq have been sold like hot cakes.

By Staff Reporter

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Published: Wed 28 Apr 2010, 12:26 AM

Last updated: Thu 2 Apr 2015, 10:58 AM

A two-day auction for 42 shops in the souq, which replaces the old Naif Souq that was gutted two years ago, fetched Dh61.11million for Dubai Municipality.

In a statement issued on Monday, the Municipality said the first auction on Sunday saw 27 shops on the first floor being auctioned for Dh34.67 million with a participation of 250 licensed traders.

On Monday, 15 shops on the ground floor were auctioned for Dh26.44 million, in which 600 licensed traders participated.

The Municipality also collected a total of Dh600, 000 as the value of the payment for the required documents to complete the procedures for participating in the auction.

The auctions were conducted at the Municipality Staff Club in Garhoud in the presence of senior officials.

Most of the traders affected by the fire in the old Souq are relocating to the new Souq after operating from a temporary Souq built some 500 metres away from the old Souq for almost two years.

The Municipality had completed the construction of the temporary Souq in July 2008 and exempted the traders, who were also given compensation, from paying any additional rents until they shift to the new Naif Souq.

Set to be inaugurated next month, the newly constructed Souq’s centrally air-conditioned building houses 18 more shops-111 shops on the ground floor and 107 on the first floor-than the old one which had 200 shops.

The new Souq is equipped with amenities like toilets, parking slots, coffee shops and Municipality offices.

Naif Souq was one of the oldest traditional markets in Dubai, having been named so due to its proximity to the ancient Naif Fort.

The old market was also popularly referred to in Arabic as ‘Souq Sanadiq’ because of the box-type shops before they were renovated in the ‘80s.


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