May 18 2008:
Dubai
 ‘aswaaq’, a public joint stock company under formation, announces its strategic approach to leasing retail space at its community shopping centres in Dubai. The first centre will officially open at the end of the last quarter of 2008.

Commenting on the strategic approach, ‘aswaaq’ CEO, Mr. Abdul Basit Al-Janahi, said: “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. ‘aswaaq’ aims to designate minimum of 20% 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.”

Al-Janahi stressed that ‘aswaaq’ will lease the remaining spaces to companies, brands and commercial businesses that comply with the ‘aswaaq’ retail market requirements and share the same objectives to serve the local community, and companies that committed to contributing in shopping centers by employing UAE National residing in the same area of “aswaaq”, and participating in developing and supporting the local community through designating financial support to serve the various activities of the surrounding areas especially the educational programs, and participating into the loyalty program for “aswaaq”  . this category of lessees will contribute in attracting a huge number of shoppers to the shopping centers which will benefit the national

entrepreneurs and both consumers and shareholders.  This will result in a number of job opportunities for UAE nationals.

Mr. Janahi pointed out that ‘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.

‘aswaaq’ is simultaneously working to design and execute the four new centers in various areas of Dubai to provide more opportunities for U.A.E entrepreneurs to lease areas in which they can establish their businesses or work in the shopping centers.