Meraas signs agreement with Samanea Group for AED1-bn mall

RetailME Bureau

The recently concluded, inaugural Big C Forum witnessed the signing of a memorandum of understanding (MoU) between Dubai-based holding company Meraas and Singapore-based Samanea Group that will see the launch of an AED1 billion mall by Q2 2021 near Dubai International City. Six key Chinese manufacturers and businesses also signed the letter of intent.

Samanea Group will develop the 570,000 sqft retail space, which will focus on home appliances and furniture from small, medium and big businesses seeking a foothold in the GCC market. The mall will also hold space for 1,800 parking spaces.

“In recent years, both China-UAE and China-Dubai relations have developed very fast. Among the Middle East countries, the UAE has conducted the most in-depth and fruitful cooperation with China,” says Tan Li, acting consul-general of the People’s Republic of China in Dubai. “With its social stability, good infrastructure, ease of doing business and culture of tolerance, Dubai attracts more and more Chinese enterprises. In 2018, China was Dubai’s largest trade partner for the fifth consecutive year, bilateral trade reaching $37.9 billion. The ‘Hala China’ programme launched last year, built a platform for the cooperation between China and Dubai in economy, trade, investment, tourism and culture. This programme has enhanced our bilateral cooperation and made remarkable achievements.”

The Big C Forum – co-hosted by Hala China, which is a major initiative launched by Meraas, in collaboration with Dubai Holding – provided Chinese companies with a deeper understanding of Dubai’s forward-looking trade policies and infrastructure. The forum gathered more than 600 Chinese and other Southeast Asian investors and entrepreneurs in Dubai.

K C Zhang, president of Samanea Group, delivered a speech on the ‘New Concept and New Time’ era in the Middle East during the forum, focusing on customer demands. It highlighted how events like the Big C Forum serve as a catalyst for new entrants into the market.

K C Zhang showed through data analysis how recent developments in the business market have driven an increasing demand for home appliances and hotel supplies to be delivered to the doors of customers. This ‘New Era’ that Zhang referred to will initiate a big change in the market. Having had a logistics hub in Dubai Industrial Park since 2013, Samanea Group is ready to cater to the new customer demand.