Dubai Gold Souk Extension on track for Q4 opening
Dubai's iconic Gold Souk in Deira is on track for the opening of its expansion in the last quarter of this year, experts at Ithra Dubai have said.
The real estate developer and manager, which is wholly owned by the Investment Corporation of Dubai, has also announced that new traders and retailers are already setting up shops in the new landmark destination as part of the Deira Enrichment Project (DEP).
The project aims to breathe new life and opportunity into the emirate’s original community centre and trading hub, while preserving its unique charm and enduring entrepreneurial spirit. A highlight of DEP, the Gold Souk Extension (GSE) will redefine the overall experience at the traditional gold and jewellery market, which is home to Dubai’s trading heritage that dates back to the 19th century.
Issam Galadari, director and CEO of Ithra Dubai, said that the Gold Souk in Deira has always been a main attraction for residents and tourists alike. "With the Gold Souk Extension, we aim to delight visitors and answer the needs of retailers, all the while maintaining the cultural and traditional charm of the area. It is a pleasure to see the Dubai Enrichment Project coming to life with every new district we open, and we look forward to adding the Gold Souk Extension, another landmark that will boost the economic activity in Dubai’s original trading hub.”
Ithra Dubai conceived the Gold Souk Extension following extensive discussions with existing stakeholders in order to deliver the best solutions for their trading needs. The extension will elevate the whole shopping and trading experience, offering solutions for both customers and retailers with ultra-modern commercial and retail spaces. The extension includes the Maryam and Hind Plazas, covers an area of around 1.2 million square feet and consists of 295 retail units and 255,000 square feet of office space, in addition to 468 residential units ready for leasing.
A number of international and home-grown jewellery brands, including Al Romaizan Gold & Jewellery, Malabar Gold & Diamond, Al Kanz Jewellery, Dhakan Jewellers, Jawhara, Gold House, Hyatt, New Mashoom, Top Gold, Zayan, Iman, Navran Jewellers, Ismail, Popley and Kalyan Jewellers will soon call GSE home. A new RAK Bank branch will open in the area as well.
The comprehensive trade environment will also maximise value for existing and new traders with workshops, a training centre, exchange houses, bullion dealers, banks, serviced offices, co-working spaces, F&B outlets, wide access to public transportation and ample parking space.
Ithra Dubai’s DEP is planned in two phases, with the opening of the Gold Souk Extension capping another milestone for the development following the launch of Sherina Plaza, Osha Plaza, Afra Plaza, Wadima Plaza, Hind Plaza, Maryam Plaza and One Deira. Combined, the seven plazas will add 1,052 residential units of one, two, three and four-bedroom apartments, 384 retail units, 518,000 square feet NLA office space, and 2,891 parking lots.
At present, the Deira Enrichment Project houses four hotels including the fully operational Adagio Hotel Apartment, Wyndham Hotel, Super 8 Hotel, and the anticipated Days Hotel scheduled to open this month. Once completed, the entire development will boost communal and shared spaces in Dubai for the community to come together through parks, plazas, shaded walkways, exceptional dining experiences in addition to events and activities.
The mixed-use development will stream traffic to and from the area, adding a range of urban residences and offices that fit market demand, lush green exteriors and an upgraded shopping experience. The project will constitute an ideal environment for an integrated lifestyle between work, housing, leisure and shopping.
Mobility is a key area of focus for the Gold Souk Extension and DEP. The Gold Souk Extension will add spacious and shaded walkways, new bridges, modern facilities, open passages, and smart signage for a streamlined connectivity. Extensive infrastructure to facilitate transportation is integrated into the development, including a public transportation hub and bridges connecting residential and commercial buildings. Moreover, an increase in parking capacity with around 1,100 additional basement parking spaces and 640 spaces in multi-storey car parks will improve movement in and around the bustling area. Overall, the Deira Enrichment Project will offer over 8,500 car parking spaces to accommodate residents and visitors.
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