Nakheel to double size of its Dubai retail complex catering to Chinese businesses

Dubai-based Nakheel, the company behind the world famous Palm Jumeirah artificial archipelago, is to double the size of its Dragon Mart retail complex, which became the world’s biggest Chinese trading hub outside mainland China when it was first launched in 2014.

The government-owned developer plans to expand the current 4,000-shop retail complex into a community named Dragon City by adding an extra 6.5 million square feet of shops, residential housing and hotels, increasing the total gross floor area to 11 million square feet.

The expansion comes after the successful launch of the Dragon Mart phase one development which opened in 2014, and phase two of the development which opened in November last year.

“Today, Dragon Mart is the world’s biggest Chinese trading hub outside mainland China with more than 5,000 Chinese businessmen operating there,” said chief executive Sanjay Manchanda, who declined to disclose the total investment cost.

There are more than 4,000 shops, restaurants and entertainment outlets handling an average of 80,000 visitors daily, he said.

In view of the strong demand for retail space at Dragon Mart phase one and two, which was built in the shape of a Dragon to appeal to Chinese investors, Manchanda said businesses were keen to lease the new retail space.

According to the proposed expansion plan, the developer will add an extra 1.3 million square feet of showroom-style retail units, with sizes from 500 square feet to 10,000 square feet, as part of Dragon Mart phase three to phase six. The annual rental cost is from as low as US$75 per square foot.