Ithra Dubai to implement 6.4ha Gold Souk Extension in Deira
The high-profile scheme, part of the Deira Enrichment Project, will feature 176 retail units
Construction work will be implemented at the historic tourist and commercial hub, Gold Souk. Master developer Ithra Dubai will implement the Gold Souk Extension scheme as part of its Deira Enrichment Project (DEP).
Spanning 6.4ha, Gold Souk Extension will comprise 176 retail units and 225 offices, plus 289 residences. DEP, upon completion, will include 840 retail spaces, 400 offices, hotels, and serviced apartments, plus 2,200 affordable homes.
These details were revealed at an event attended by representatives of Dubai’s Gold Council and Ithra Dubai, as well as prospective tenants.
Commenting on the development, Issam Galadari, chief executive officer of Ithra Dubai, said: “The Gold Souk Extension, like DEP, will look to preserve the character and culture prevalent in this established trading neighborhood, taking into account the distinct heritage of the area as it looks to improve it and help it meet the demands of modern commerce.”
Tawhid Abdullah, chairman of the Dubai Gold and Jewellery Group, added: “I have spent most of my life in and around Deira’s Gold Souk, [and] I am very excited to see the new developments in the area. We believe that Ithra has considered the traditional and emotional values of this area while bringing in modern facilities and new infrastructure for traders and visitors.
“We hope that the new extension to Gold Souk will be an amalgamation of traditional business centres and modern shopping arenas, and hopefully enhance the status of Gold Souk as a shopping, tourist, and business destination.”
Gold Souk is one of Dubai’s oldest and most recognisable commercial centres, located close to the Al Fahidi district.
Ithra Dubai is owned by Investment Corporation of Dubai, and develops and manages some of the emirate’s most notable projects, such as the under-construction One Za’abeel.