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Jassim Mohammed Al Budaiwi reiterated the GCC's firm position supporting Palestinian people's right to self-determination and establishment of an independent state
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UAE developers and retailers add space
DUBAI — United Arab Emirates developers and retailers are adding shopping mall space once again, powered by upcoming retail hub Abu Dhabi, but risks of oversupply are likely to persist, Colliers International said on Sunday.
“The Dubai and Abu Dhabi markets remain upbeat — the former for its established position as a global retail platform and entry point for international brands into the region, ... the latter for its forthcoming supply of retail space and strong domestic consumer purchasing power,” Colliers said in a report.
Dubai shopping mall space is expected to increase 30 per cent between 2010 and 2013, leading to an oversupply of more than one million square metres in 2013, the property consultancy said in a report.
“Demand is picking up, people are feeling more confident in their positions,” Stuart Gissing, regional director of Colliers International, told Reuters. “But that doesn’t say that it’s going to return to the joyous days of three years ago.”
“The oversupply in Dubai will see a rebalancing in the type of products that existing developments are providing,” he said. “By 2015, Abu Dhabi will have almost a balanced retail supply to the demand dynamics, it has a healthy dynamics,” Gissing said.
Abu Dhabi retail area would reach around 609,690 square metres by the end of 2010, an increase of 55 per cent over 2009. Overall supply was likely to increase to 874,500 square metres in 2013 and almost 1.1 million square metres by 2015, the report said. —
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