Nakheel signs lease agreement with Geant Hypermarket
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Mon January 9, 2012 3:41 pm

UAE. Nakheel announced today it has signed a lease agreement with international supermarket chain Geant Hypermarket for a 10,000 square metre space in Dubai’s Dragon Mart Phase II. 

Mr Adnan Hegrat, Managing Director  Nakheel Retail, said:  “We are delighted to welcome Geant as a flagship addition to Dragon Mart, where 60 per cent of the leasable area has been booked and paid for.   Today’s signing is our third new leasing agreement with Geant, who recently took space space at our Discovery Pavillion and Jumeirah Park Pavillion developments in addition to its huge store at Ibn Battuta Mall.   Geant will undoubtedly be a big draw for Dragon Mart customers and visitors, and we look forward to a long and successful partnership with this internationally-renowned supermarket chain.”

Mr Mohammad Ashfaq, Geant Group Head, Business Developments, described the new partnership as “a win-win situation for both Geant and Nakheel. Through Dragon Mart we can further enhance our savy managerial skills and operation and capitalise on our thorough understanding of the local market’s needs by offering diverse and wide-ranging merchandize and products,” he said.

Dragon Mart Phase II, newly under development by Nakheel, will be a unique project in terms of concept and design, with a large food court and a terraced food and beverage strip overlooking a unique outdoor plaza to accommodate a variety of functions and activities.  There will also be various department stores in addition to cinemas and hotels adjacent to Dragon Mart, providing shoppers and visitors even more entertainment and dining options.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
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