Aswaaq, a company which is developing community shopping centres in Dubai, will focus on the local community while leasing out retail space.

The first centre will officially open at the end of the last quarter of 2008, the public joint stock company under formation said in a statement..

“The Aswaaq leasing strategy is considered different from conventional strategies followed by other shopping centers, the leasing will take place only after we have studied the surrounding areas' needs for services and retail stores,” said chief executive officer Abdul Basit Al-Janahi

“Aswaaq aims to designate minimum of 20 per cent of leased spaces to members of Sheikh Mohammed Bin Rashid Est. For Young Business Leaders (SME), UAE nationals who live in the same communities in which the ‘aswaaq’ centres will be inaugurated, followed by those living closest to the communities and so on and so forth.

“Serving the local communities is at the top of our company’s priority list. Therefore, aswaaq is ever keen on ensuring that its centres include retail outlets that provide all the requirements of the local communities. 

“Aswaaq will also take into serious consideration, business plans that are of a high standard and include new and significant ideas.”

Janahi said in addition to the 20 per cent of leased spaces that will be offered to SME members, a 20pc discount on the yearly rent will be offered and will be paid in four installments. 

Janahi said ‘aswaaq’ has received a lot of applications to lease in both the Nad Al Hamar and Al Mizhar areas , however , it will be difficult to consider all applications as the number of applications exceeds the retail spaces available in Aswaaq.

Nad Al Hamar and Al Mizhar areas lessees are to be announced in the immediate future. Applicants who have not been allocated spaces in the in the first two locations will be given priority in the new “aswaaq” four centers due to launch coming up soon, the company said in a statement. – TradeArabia News Service