Developer Ithra Dubai to launch Gold Souk extension in Q4 2021

Ithra Dubai, a real estate developer and manager, announced on Monday that the extension of the emirate’s Gold Souk is on track to open in the last quarter of 2021.

New traders and retailers are to set up shops in the new destination at the Deira Enrichment Project (DEP). The Gold Souk Extension (GSE) aims to redefine the overall experience at the traditional gold and jewellery market.

Issam Galadari, director and CEO of Ithra Dubai, wholly owned by the Investment Corporation of Dubai, said: “The Gold Souk in Deira has always been a main attraction for residents and tourists alike. With the Gold Souk Extension, we aim to delight visitors and answer the needs of retailers, all the while maintaining the cultural and traditional charm of the area.

The extension includes Maryam and Hind Plazas, covers an area of around one million and two hundred thousand square feet and consists of 295 retail units and 255,000 square feet of office space, in addition to 468 residential units ready for leasing.

A number of jewelry brands, including Al Romaizan Gold & Jewellery, Malabar Gold & Diamond, Al Kanz Jewellery, Dhakan Jewellers, Jawhara, Gold House, Hyatt, New Mashoom, Top Gold, Zayan, Iman, Navran Jewellers, Ismail, Popley and Kalyan Jewellers will set up presence in the GSE. A new RAK Bank branch will open in the area as well.

The trade environment will also maximise value for existing and new traders with workshops, a training centre, exchange houses, bullion dealers, banks, serviced offices, co-working spaces, F&B outlets, access to public transportation and ample parking space, a statement said.

The Gold Souk Extension will add shaded walkways, bridges, modern facilities, open passages, and smart signage. Parking capacity will also be increased, with around 1,100 additional basement parking spaces and 640 spaces in multi-storey car parks. Overall, the Deira Enrichment Project will offer over 8,500 car parking spaces to accommodate residents and visitors.

Ithra Dubai’s DEP is planned in two phases, with the opening of the Gold Souk Extension following the launch of Sherina Plaza, Osha Plaza, Afra Plaza, Wadima Plaza, Hind Plaza, Maryam Plaza and One Deira. Combined, the seven plazas will add 1,052 residential units of 1-, 2-, 3- and 4-bedroom apartments, 384 retail units, 518,000 square feet NLA office space, and 2,891 parking lots, the statement added.

At present, the Deira Enrichment Project houses four hotels including the fully operational Adagio Hotel Apartment, Wyndham Hotel, Super 8 Hotel, and the Days Hotel scheduled to open this month.