Chinese investors snap up retail space in Dragon City

Chinese traders account for 65 per cent of 700 units reserved since the project went on lease three days ago, with UAE nationals making up the vast majority of the other 35 per cent.

Dubai — Chinese traders in Dubai are staking their claim on hundreds of new retail and restaurant units at Nakheel’s Dragon City development, where 1.3 million square feet of fresh shop space is being built, Nakheel announced on Tuesday.

Chinese traders account for 65 per cent of 700 units reserved since the project went on lease three days ago, with UAE nationals making up the vast majority of the other 35 per cent.

Nakheel is creating the additional space — the size of 17 football fields — to meet increasing demand from Chinese businessmen and women and local entrepreneurs who want to be part of Dragon City. 

The developer is preparing to showcase Dragon City at Dubai Week in China, taking place in Beijing from Friday until May 15. Nakheel will display a scale model of Dragon City and promote the investment prospects it offers at the event, which will highlight Dubai’s transformation into a global hub that provides huge opportunities for China across the business, tourism, culture and lifestyle sectors.

Dragon City is currently best known for Dragon Mart — the world’s biggest Chinese trading hub outside mainland China — where all 3,500 shops are run by 1,600 Chinese businesspeople. Dragon Mart already attracts 65,000 visitors a day.

Nakheel is transforming the existing Dragon Mart complex into a giant retail, residential and leisure hub, renamed Dragon City to reflect the expansion. Dragon City will feature two residential towers, two hotels and 3.5 million sq ft of retail space when complete. The entire project will span 11 million sq ft in built-up area.

Nakheel chairman Ali Rashid Lootah said: “Dragon City will help to further strengthen the growing trade links between the UAE and China. We look forward to bringing Dragon City to Beijing, where the Chinese community can see for itself how we are transforming the hugely successful Dragon Mart into a new mixed-use community that will pave the way for yet more opportunities for business, leisure, tourism and living.”

Dubai Week in China is a Falcon and Associates initiative in cooperation with the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC). The seven-day event will provide visitors the chance to see, touch and taste Dubai. The exhibition will bring to life the story of the emirate. It will take visitors through its journey from a fishing village just over 40 years ago into a global city of opportunity.