The announcement of the new plan was made on Saturday by His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The Dubai Design District will be built directly adjacent to Dubai’s Business Bay and will be operated by Tecom Investments, part of Dubai Holding.
If the district is successful the new area is hoped to help boost the number of visitors flying into Dubai, and allow it to compete with well established fashion capitals such as Paris, London, Milan and New York. At present, the Middle East is ranked the 10th largest country in the world for luxury goods and the Dubai Design District is being built to help grow the luxury goods industry in the emirate.
“This initiative is a positive sign for Dubai’s retail sector, especially the fashion luxury industry, which is showing strong growth year by year,” said Mohammed Abdul Rahim Al Fahim, chief executive officer of leading luxury retailer Paris Gallery Group of Companies. “Dubai has the distinction of being the popular hub for fashion and luxury, and the proof of that is seen in the exponential growth of tourists that visit each year. I’m sure that this new initiative will give Dubai the glory it deserves.”
The district will also be built in time to capitalise of Dubai’s ever-growing tourism industry, with the number of visitors to the country expected to double by 2020. The first phase of the project is due to be open in 2015, with the rest of the district opening later in the decade.