ABU DHABI // Three anchor tenants in Dalma Mall in the Musaffah area could open by the middle of next month, ahead of the development's official launch in the second quarter.
The mall, which was originally scheduled to open last April, was completed last year but awaits approval from authorities to construct additional road access, said Ginane AbdelKhalek, the owner's representative of The Developers, the group that owns the project. Drivers enter now through a single entrance that is off the main motorway.
Three anchor tenants which signed on early - the retailers Bhs. Matalan and Home Centre - have been given the green light to open within the next month, she said.
"We were expecting the approvals of the authorities a long time back and these people have invested in buying their stocks and their things," Ms AbdelKhalek said. "We need to support our tenants as well, so we decided to give them the go ahead."
Dalma Mall, which expects to feature about 480 stores covering 150,000 square metres of leasable retail space, is one of at least five malls to open their doors in the emirate this year. The others include Paragon Point on Reem Island, the first phase of the Central Market souk in the Abu Dhabi and 9712 mall in Musaffah.
While Dubai had been the site of choice for mall developers, retailers have shifted their focus to Abu Dhabi in light of its growing, affluent population and new island developments such as Yas and Saadiyat.
David Dudley, the Abu Dhabi head of the property consultancy Jones Lang Lasalle, said the emirate still needed more shopping centres.
"Abu Dhabi is currently under provided for retail generally," he said. "You have a significant population, a very significant private wealth, yet there is a general lack of supply of retail in the market."
Retailers at other malls in the area, however, such as Mazyad Mall, have complained of sluggish sales due to delays in residential projects that were supposed to bring middle-class shoppers to the area.
But Ms AbdelKhalek said Dalma Mall was flanked by a growing residential area and expects high demand in the long term. Also, as the largest shopping centre with entertainment and restaurants nearby, the development will serve as a leisure destination for the surrounding area, including Mohammed Bin Zayed City, Khalifa A and B cities, rather than a place to shop for daily needs, she said.
Mark Adams, the general manager of the mall, said that as more of Musaffah's industrial companies began to move their facilities outward under Plan Abu Dhabi 2030, its residential population would grow further.
"The Musaffah industrial area is changing its profile over the next five years and it is already happening right now. Heavy industries, dirty industries have moved out further into the desert and the labour camps are moving out 30km from here," he said. "This is the beginning of the caterpillar turning into a butterfly."
Mr Dudley said that while many construction projects in Abu Dhabi had been delayed in the last year, due to a combination of depressed market sentiment and cash flow constraints, there was still a need for housing in that district.
"We do see that there is still positive demand for affordable and mid-market housing, including for that area."
The three anchors will join Carrefour Hypermarket, encompassing roughly 13,000 sq metres, which has been open for business since last year.
When the mall officially opens in the upcoming quarter, roughly 70 per cent of its stores will be ready, said Mr Adams. The mall is ready to go pending additional road access and chilled water facilities.
While retailers were reluctant to sign on last year, demand began to mount in January, he said, enough for Dalma Mall to raise its rents.
"[Before] a lot of people couldn't get their funding. They wanted to be here and it wasn't lack of will, but it was lack of ability to deliver. That has changed significantly," he said.
"Instead of people having to fund their operations through their cash flow, they are getting money from the banks again."
@Email:aligaya@thenational.ae
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Takestep%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202018%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohamed%20Khashaba%2C%20Mohamed%20Abdallah%2C%20Mohamed%20Adel%20Wafiq%20and%20Ayman%20Taha%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%2C%20Egypt%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20health%20technology%0D%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20%2011%20full%20time%20and%2022%20part%20time%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20pre-Series%20A%3C%2Fp%3E%0A
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
FIXTURES
Saturday, November 3
Japan v New Zealand
Wales v Scotland
England v South Africa
Ireland v Italy
Saturday, November 10
Italy v Georgia
Scotland v Fiji
England v New Zealand
Wales v Australia
Ireland v Argentina
France v South Africa
Saturday, November 17
Italy v Australia
Wales v Tonga
England v Japan
Scotland v South Africa
Ireland v New Zealand
Saturday, November 24
|Italy v New Zealand
Scotland v Argentina
England v Australia
Wales v South Africa
Ireland v United States
France v Fiji