For more than 100 years now, Dubai has been the Middle East and global gold trade hub, and has been popularly called as “The City of Gold” and “Jewellery Destination of the World”.
Over the years, jewellers, gold traders, businessmen and artisans have flocked to Dubai, to make a lucrative business out of gold trade, and to further strengthen the position of Dubai as the gold hub.
In the past several years, Dubai’s Gold Souk too have not changed much, except for some modernisation. However, its size and scope has changed in the recent times. The souk has now grown from 400sq.m to a massive powerhouse stretching over 2kilometers in length, and houses more than 900 merchants.
On 26th April, the Dubai Gold Souk Extension (GSE) has been officially unveiled, which further strengthens the reputation of Dubai, as the City of Gold, offering great shopping and trading experience.
Out of the 295 shops that have been opened at GSE, there are more than 50 jewellery brands that have opened their outlets there already during the soft launch. More brands and specialty restaurants are in the process of setting up their shops.
Some of the popular jewellery brands that have either opened or likely to open their shops include Malabar Gold & Diamond, Al Romaizan Gold & Jewellery, Dhakan Jewellers, Al Kanz Jewellery, Jawhara, New Mashoom, House Hyatt, Iman, Top Gold, Zayan, Navran Jewellers, Popley, Ismail and Kalyan Jewellers have either opened or will soon open doors to visitors in the extension area.
The Souk Extension will also be home to about 150 wholesale offices, which would all be based in the first floor of the buildings.
As per Lachlan Gyde, Executive Director for residential, retail and commercial at Ithra Dubai, there is no “key money” involved for retailers when they are taking the shop on lease.
“The benefit of one landlord is that we can control ‘key money’ and tenancy mix. We will make a return from fair rentals, and retailers will make money through honest and fair trading. Key money is a thing of the past.”
The Souk Extension is one of the ‘must-visit’ new destinations that tourists should consider including in their itinerary when visiting Dubai.
Located in Dubai’s original trading hub, the Extension will be one of the top cultural attractions in Dubai, and the world’s destination for jewellery, revitalizing Dubai, the ‘City of Gold’.
Located across the road from the old Gold Souk and part of Deira Enrichment Project, the Dubai Gold Souk Extension maintains the charm and cultural characteristics of the original souk, and offers an urban experience with superior facilities such as co-working spaces, workshops, restaurants, covered parking, a waterfront promenade, hotels, shaded walkways, and other facilities catering to tourists, entrepreneurs from across the world.
Dubai Gold Souk has been serving the nation for over 100 years, and the Gold Souk Extension will not only increase visitor numbers, but also visitors will spend more time exploring two souks.