RAK Prop in deal to open retail outlets
Ras Al Khaimah, September 10, 2012
RAK Properties, the biggest property developer in Ras Al Khaimah, has entered into a strategic agreement with Choithrams, a leading retail company to develop two flagship retail outlets in Mina Al Arab and Julfar Towers.
This latest step is part of a strategic plan conducted by RAK Properties to offer a fully fledged service to its range of customers, said the company listed on Abu Dhabi Stock Exchange.
The shopping outlet in Mina Al Arab will cover an area of 7064 sq ft while the Julfar Towers outlet will exceed 8567 sq ft Both outlets will energise the shopping and retail industries in Northern Emirates.
The retail outlets will be completed in the first quarter of next year in line with RAK Properties strategy to enhance and provide more value to its real estate projects.
Both projects will also cater to the need for large retail services in Ras Al Khaimah with the rapidly ncreasing number of residents in Mina Al Arab and Julfar Towers projects in the emirate, said a senior official.
"We at RAK Properties choose our strategic partners with due diligence. We have picked Choithrams to develop these two outlets for to its track record in the retail industry in the UAE since it has been serving the Emirati market for three decades," remarked its managing director and CEO Mohamed Sultan Al Qadi.
"Both outlets will be delivered in the first quarter of 2013 and they will be equipped with best retail solutions as part of our firm commitment to offer best qualitative services to our customers," he added.
Commenting on the retail tieup, VL Pamnani, partner at Choithrams said, "We take pride in this strategic partnership with one of the leading real estate development companies not only in the UAE but also in the region."
" This partnership aims at expanding our business in the Northern Emirates that is witnessing an exponential growth. We will be based in Julfar Towers and Mina Al Arab to serve both projects as well as the wider community of Ras Al Khaimah and Northern Emirates,” he added.
Choithrams opened its first supermarket in the UAE in 1974 and since then has extended its operation to Bahrain, Qatar and Oman with its vision of being a leading fresh retailer in the GCC, said Pamnani.
Today, the company operates more than 48 retail units across the GCC having 27 stores in the UAE while it plans to open 32 stores in the next 2 years.
Choithrams in Mina Al Arab and Julfar Towers will offer a wide range of products and fresh food as well as a food court to serve the neighborhood, he added.-TradeArabia News Service