Dubai – Mubasher: A new shopping mall and hotel, First Avenue, will be opened in Motor City early next year as part of AED 500 million investments, according to a press release on Wednesday.
The First Avenue will have 70 high-street retailers, 15 casual dining restaurants, and four-star 150 rooms, all operated by Park Inn by Radisson.
This entity, based at the edge of the Dubai Autodrome, will serve as a social and retail hub for the Union Properties-developed Motor City, with a distinct automotive and lifestyle theme and two-storey development stretching across 500,000sq/ft, with a one-kilometer roadway linking each end.
The development, owned and operated by Saudi Arabia’s Al Tawfeeq for Development and Investment (ATDI), will open in the first quarter of next year.
“This is a project differentiated by the excitement of the race track and the contemporary style of the shopping and hotel experience, set against the backdrop of a rapidly growing suburban quarter of Dubai,” said Dr. Ramy Moussly, ATDI General Manager, adding “the development meets local demand for an easily accessible retail and hotel experience….As Dubai’s development moves southwards, First Avenue is strategically located to serve a growing and discerning market,” he added.
By 2020, Dubai's population is likely to jump to 2.8 million with an average growth rate of 3.8 per cent, according to the press release.
Further, the Government seeks to attract 20 million tourists to visit Dubai, with hotels providing much of the enabling hospitality infrastructure.
Dubai’s retail market is to cross $52 billion in sales, with average annual growth of more than 8 per cent, the press release citing Dubai Chamber of Commerce and Industry.
