Global Economy Needs To Move To An Architecture Of Networked Financial Markets, Says Dr. Nasser Saidi

The global economy needs to design and move to an architecture of networked financial markets, which will create a more stable and sustainable ‘spider-web’ model instead of the ‘hub-and-spoke’ model that has so far dominated the world financial system and led to the creation of systemic risk, according to Dr. Nasser Saidi, Chief Economist of the DIFC Authority.

Speaking at the plenary debate of the MENASA Forum focused on the topic ‘MENASA Capital Markets Going Forward’, Dr. Saidi said: “In 1976, the world’s economic centre of gravity was at a point between London and New York. However, in the 30 years since then, that centre of gravity has moved away towards the East and is now located somewhere between Dubai and Shanghai.”

Dr. Saidi said the global economic crisis will contribute to eradicating the hub-and-spoke model centred on London and New York and provide the impetus for a transition to a polycentric, ‘spider web’ model. “In a spider web model, instead of a small number of financial centres intermediating and reallocating the entire world’s savings, there will be numerous international financial centres –including the prominent examples of Dubai-Mumbai and Shanghai- across the globe that have the capital market depth and regulatory sophistication to absorb excess capital from their own regions and elsewhere. Such a model will prevent the enormous accumulation of savings in just one or two financial centres. The GCC countries need to invest in financial services capacity in order to locally manage and control their rapidly growing financial wealth. This is happening in DIFC,” he added.

He further said that the world’s new economic geography is reflected in the evolution of capital markets across the world. While the United States accounted for 46 % of global capital markets in 1999, its share dropped to 28 % in 2009. In comparison, Emerging Markets increased their share of global capital markets from 8 % in 1999 to 32 % in 2009 while the BRIC (Brazil, Russia, India and China) economies increased their share from 2 % in 1999 to 19 % in 2009. Meanwhile, the GCC increased its share from 0.3 % to 1.2 % in the same period.

Dr. Saidi also emphasised the vital need to develop local currency debt markets in the GCC region. “Well functioning debt markets will help reduce dependence on bank finance at a time when the banking sector is in a process of de-leveraging as well as provide governments with an alternative source of funding to smooth out volatile revenues will diminish macroeconomic and financial vulnerability from energy price fluctuations,” he said.

Other participants in the plenary debate focused on MENASA Capital Markets included Ivor Dunbar, Co-Head of Global Capital Markets, Deutsche Bank and Sameer Al Ansari, CEO of Shuaa Capital. All the speakers emphasised the importance of further developing the region’s market infrastructure in order to promote capital market growth.

Talking about IPOs in the GCC region, Sameer Al Ansari announced that an IPO led by Shuaa Capital will be floated in Abu Dhabi soon. In order to attract more institutional investors who drive capital markets, it is critical to improve regulatory frameworks and other aspects of the market infrastructure that will raise standards of transparency and corporate governance, he said.

Hosted by DIFC, the MENASA Forum is focused on discussing the critical opportunities and challenges confronting the Middle East, North Africa and South Asia (MENASA) region over the next decade. Under the theme of ’Finance for the Next Decade of Growth’, the MENASA Forum features over 250 members of the regional and international banking and financial services industry, regulators and senior business executives. The event is being held in association with Abraaj Capital and Deutsche Bank and supported by Barclays, Goldman Sachs and Shuaa Capital. Being held from 23 to 24 May, 2010, the Forum presents a mix of interviews, debates and keynote addresses featuring financial leaders, experts and investors.

The MENASA Forum commenced yesterday with a welcome dinner that featured a high-level keynote address by HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee. This was followed by a keynote dialogue with Arif Masood Naqvi, Founder and Group CEO, Abraaj Capital, and Juergen Fitschen, Member of the Management Board, Head of Regional Management Worldwide and CEO, Germany, Deutsche Bank.
 

Dubai Aquarium & Underwater Zoo Clocks Its One Millionth Visitor

It’s official now: Dubai Aquarium & Underwater Zoo has become one of the most visited attractions in Dubai.

This leisure attraction at The Dubai Mall recently welcomed its one millionth visitor, a landmark achieved in less than seven months of its opening. Having over one million paid visitors – who have experienced the aquarium tunnel and underwater zoo – complements the several thousands of visitors to the mall, who have free access to aquarium views.

In addition to a tour of the walk-through tunnel for close encounters with species like Sand Tiger Sharks, Rays and Giant Groupers, paid visitors can also tour the Underwater Zoo, located directly above the Aquarium on Level 2. Dubai Aquarium & Underwater Zoo has been constantly adding to the appeal to visitors with a diverse collection of aquatic animals, currently at over 220.

Mr. Arif Amiri, Senior Director, Emaar Properties PJSC said: “Leisure attractions are an integral part of the shopping mall experience today. Dubai Aquarium & Underwater Zoo is by far the most popular, must-visit destination for the city’s residents and tourists from all around the world. To add to the excitement, new attractions – both in terms of diversity of species and engaging activities for visitors – are being added regularly. We look forward to achieving many such milestones.”

Mr. Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “Dubai Aquarium & Underwater Zoo is one of the most popular tourist attractions in Dubai today, and has been driving strong visitor flow to the mall. The milestone of having one million paid visitors, in less than seven months, also highlights the success of The Dubai Mall as one of the most popular leisure destinations in the city.”

A new attraction at Dubai Aquarium & Underwater Zoo is the Shark Dive, introduced for the first-time ever in the region within a mall environment. The newly-introduced Shark Dives have opened doors to professionals as well as first time divers.

The Dubai Aquarium measures 51m x 20m x 11m and features the Guinness World Record for the largest viewing panel at 32.8m wide x 8.3m high. With the capacity to hold 10 million litres of water, the aquarium illuminates the marvels of the ocean and showcases one of the most diverse collections of aquatic life worldwide. The 270-degree walkthrough tunnel enables visitors to get closer views of the aquatic animals.

Underwater Zoo features penguins, seals, crocodiles and water rats, among its rich diversity of species. It offers an interactive approach to educating children and visitors on the ecology and sustainability of marine life. Following the journey of a raindrop in the sky, falling from the tropical rainforest to the wide open seas, children can walk through various aquatic environments.

Visitors to the aquarium revel at the sight of underwater divers feeding the Sand Tiger Sharks. Dubai Aquarium & Underwater Zoo organises exclusive programs for children as well. Tours of the aquarium and zoo inform them of the important messages of environmental care in a fun and interactive way. A team of marine educators help visiting school groups and visitors to understand animal behavior.

Amongst other leisure attractions at The Dubai Mall are the Olympic-size Dubai Ice Rink and The Waterfall, which traverses four levels of the mall. SEGA Republic, the region’s first SEGA indoor theme park; KidZania®, a unique children’s ‘edu-tainment’ concept and the 22-screen Reel Cinemas will open later this year.

1 Minute Free Shopping Up For Grabs

Following the recent visit of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Aswaaq Community Centre in Al Mizhar, Aswaaq launched a new campaign aimed at strengthening its relationship with its clients and customers.

The new campaign “Spin & Win” will give every shopper who spends over AED 50.00 at any of Aswaaq’s supermarkets and community centres in Al Mizhar, Nad al Hamar and Al Sufouh, the opportunity to spin the Aswaaq wheel and win a prize. Prizes range from WAFA card points, shopping coupons to the grand prize of 1 minute free shopping.

Commenting on Aswaaq’s latest promotional campaign, Mr. Affan Khouri, Aswaaq’s Director- Merchandise & buying, said:
“At aswaaq we value each and every customer who walks through our doors and we are always looking for ways to thank our customers for their loyalty. We are extremely excited about ‘Spin and Win’ and hope that campaigns such as this will continue to boost our relationship with our customers.”
The latest ‘Spin and Win’ campaign is a variation of the previous ‘Spin and Win’ campaign that was held in January during the Dubai Shopping Festival.

“Spin and Win’ was a huge success in January and a lot of fun for everyone involved. This summer we wanted to incorporate the same idea but with a grand prize which makes it a little more exciting,’’ concluded Mr. Affan Khouri.
‘Spin and Win’ will go on till June 10th at all of the Aswaaq community centres and is sponsored by Bin Sina Pharmacy, Emirates driving institute, Al Jaber optics, MediSpa Health Centre, Damas Jewelry, Bridgestone-Nasser Bin Abdullatef Al Serkal, DU telecom, H.S. Sajwani Electronics, Super Vision, and Dakakeen.

Thousands participate in Treasure Hunt at The Dubai Mall Gold Souk

Ms Maria Rica Joy Gador has been declared winner of the Treasure Hunt promotion organised by the Gold Souk at The Dubai Mall. The world’s largest shopping and entertainment destination had hosted a special promotion at the sprawling Gold Souk for a month.More than 70,000 visitors took part in the Treasure Hunt, in which all they had to do was to identify five icons – a gold tree, falcon, camel and stallions – that are permanent fixtures in the passageways of the Gold Souk.Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: "The Treasure Hunt was one of our initiatives to further popularize the Gold Souk among our visitors. With over 200 gold and jewellery stores, the Gold Souk is a must-visit retail destination for jewellery purchases. The Treasure Hunt also aimed at highlighting the spectacular design of the retail precinct."Ms. Maria Rica Joy Gador, a Filipina expatriate, said: "I still can’t believe I have won the treasure hunt! The Dubai Mall has taken this concept and organized it in such an interesting manner. I am so happy I had this whole experience of participating in the treasure hunt and eventually be the winner."
 
During the month-long Treasure Hunt, various events such as the Arabian Dancers, falcon display, and henna and calligraphy demonstrations were held, attracting families and visitors. The Gold Souk saw a significant increase in visitor turnout and sales, as more people explored the winding streets of the Gold Souk and the treasures it has to offer.
 
With over 900 of its total 1,200 retail outlets already open, The Dubai Mall has established itself as a premier retail destination in Dubai. The mall also offers diverse leisure choices including the Dubai Aquarium & Underwater Zoo, featuring 33,000 aquatic animals, the world’s largest acrylic viewing panel and a walk-through tunnel; the Olympic-sized Dubai Ice Rink and The Waterfall, which traverses four levels of the mall. Several other leisure attractions including KidZania® and SEGA Republic – two theme parks for children and family – and a 22-screen Reel Cinemas will open this year. 

Municipality Praises DP World, UAE Region for Contributions to Dubai’s Development Goals

The Dubai Municipality recently commended DP World, UAE region for its significant and long-term contribution to Dubai’s development goals:  “Through the active alignment of its growth trajectory with Dubai’s growth requirements, DP World has been a model for all Dubai companies,” said Eng. Hussain Nasser Lootah, Director of the Dubai Municipality.Eng. Lootah spoke at Jebel Ali terminal during a meeting between Municipality officials and DP World executives, headed by Mr. Mohammed Al Muallem, SVP and Managing Director, UAE Region.  The goal of the talks was to investigate additional avenues for policy coordination.Mohammed Al Muallem, SVP and Managing Director, DP World, UAE Region, said: “DP World is always ready to cooperate with Dubai Municipality. We are jointly responsible to the community and seek ways to contribute to the qualitative development of Dubai.  Such meetings are an excellent opportunity to share information and deepen coordination.  As always, we appreciate Dubai Municipality’s strong support.”Eng. Hussain Nasser Lootah, Director General, Dubai Municipality, said: “DP World is doing a commendable job in integrating its development projects with the needs of this emirate.  Dubai Municipality is committed to the welfare of the people and we deeply value our close relations with DP World, UAE Region and the common interests that bind us.”

Final day prize bonanza at Festival@The Dubai Mall: AED 1 million and Bentley car up for grabs

One lucky shopper will win the grand prize of AED 1 million on Friday (May 29, 2009) as Festival @The Dubai Mall, the month long shopping and entertainment extravaganza at the world’s largest shopping and leisure destination, draws to a close.The Grand Bentley raffle draw for a luxurious, four-door Bentley Continental Flying Spur will also be held on May 29, adding to the excitement of the closing day celebration. Several entertainers will join in the mall-wide entertainment in a fitting grand finale of the family festival that has attracted thousands of visitors over four weeks. Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “The Festival@The Dubai Mall is one of the most unique mall-wide retail promotion events ever undertaken in Dubai. The total cash prize package of AED 3.1 million adds to the excitement of shopping with visitors having the extensive choice of 900 retail stores including 160 F&B outlets.” He added: “The closing day will be a bonanza with two grand draws – one for AED 1 million in the Win Millions raffle, and the other for the Bentley car. Two lucky winners will join over 100 lucky customers, who have already won cash prizes ranging from AED 10,000 to AED 150,000.” Visitors to The Dubai Mall can enter the ‘Win Millions’ raffle for the AED 1 million draw and a daily draw of AED 10,000 on Thursday, by spending a total of AED 500 in any of the retail and/or F&B outlet, while also availing of bargain deals from the participating outlets. They can collect the raffle coupons from the customer service desks. Raffle coupons for the Grand Bentley draw are sold out. Only 5,000 tickets, each priced AED 200, were on sale to win the coveted Bentley Continental Flying Spur. Ticket-holders also have access to the Dubai Aquarium & Underwater Zoo walk-through tunnel for closer encounters with the 33,000 aquatic animals. The Festival@The Dubai Mall also featured Bid 2 Win, an innovative auction for premium products; bargain deals on various global brands and mall-wide entertainment. It is supported by Dubai Media Inc, Arab Media Group and The Address Hotels + Resorts, a part of Emaar Hospitality Group.

Grand Bentley Raffle Draw On Closing Day Of Festival@The Dubai Mall

The much-awaited Grand Bentley raffle draw will be held on the closing day of the Festival@The Dubai Mall on May 29, 2009. The Grand Bentley draw is one of the key attractions of the month-long shopping and entertainment extravaganza at the mall.

Only 5,000 tickets, each priced AED 200, were offered for sale for the Grand Bentley raffle. The lucky winner will get a luxurious, four-door Bentley Continental Flying Spur, which is currently displayed in the mall. Winners can also opt for a buy-back guarantee on the car.

Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “The Grand Bentley raffle was one of the talking point events of the Festival@The Dubai Mall. With all 5,000 tickets already sold out, we will host the draw on the closing day of the festival.”

He added: “The Festival@The Dubai Mall has been a strong crowd-puller to the mall drawing over 750,000 people every week. The various opportunities to win millions of dirhams apart from the Bentley further added to visitor appeal.”

The Grand Bentley raffle ticket also offered the free access for ticket-holders to The Dubai Aquarium & Underwater Zoo walk-through tunnel for closer encounters with the 33,000 aquatic animals.

Mr Bob Ferguson, a Scottish visitor to the UAE, is looking forward to the results of the Grand Bentley raffle. “I bought the raffle coupon as a birthday gift for my friend. I have not won at raffles but I believe that my friend, who lives here, will be lucky and get to take home the Bentley.”

A self-confessed luxury-car enthusiast and Egyptian expatriate resident in Dubai, Mr Sami Elgabri has also entered the raffle on behalf of his friend. “The Bentley Continental Flying Spur is a dream car, and all its aspects are perfectly finished. It will make a perfect car to own,” he said.

The Festival@The Dubai Mall also features Bid 2 Win, an innovative auction for premium products; bargain deals on various global brands and mall-wide entertainment. It is supported by Dubai Media Inc, Arab Media Group and The Address Hotels + Resorts, a part of Emaar Hospitality Group.

Amlak Finance Registers Net Profit Of AED 241 Million In 2008; Assets Reached AED 15.8 Billion

Amlak Finance PJSC, the largest real estate financier in the Middle East by total assets, announced its financial results for the year ending on 31 December 2008, pursuant to the clearance from the Central Bank of UAE. The company’s 2008 net profit was recorded at AED 241 million, compared to AED 301 million in 2007. Amlak Finance made a loss of AED 204 million in its Fourth Quarter of 2008 mainly as a result of a drop in revenues from the previous quarters as well as the sharp fall in income from real estate investment activities, lower new mortgage originations, significant increase in funding costs, higher general provisions on mortgage portfolio and other investments.

H.E. Nasser Bin Hassan Al-Shaikh, Director-General of Dubai Department of Finance and Chairman of Amlak Finance PJSC, announced that Amlak’s total assets as at the end of December 2008 stood at AED 15.8 billion, a growth of 67 per cent compared to AED 9.5 billion in 2007.

Meanwhile, the company’s financing portfolio increased from AED 6.2 billion to AED 10 billion during 2008 with a further AED2.8 billion of financing commitments extended to customers as at end of 2008. Amlak’s real estate investments portfolio stood at AED6bn as at the year end.

"While the last quarter of the year has been a very challenging period for the entire industry due to the challenging global financial crisis; however, the first nine months of 2008 were extremely positive for our UAE operation, as we successfully managed not only to meet our financial goals but also surpass them by a big margin," said Al-Shaikh.

He added: "Despite the ongoing economic instability, we are always optimistic and believe in the efforts and strategic plans introduced by the Dubai and Federal Governments to boost the real estate financing sector and guide us to a corrective path in these challenging economic times. I believe the formation of the Ministerial Committee by the Federal Government to identify opportunities and assess the necessary measures to revitalize the real estate market, with focus on the real estate financing sector, was a decision taken at the right moment and will drive growth once again to this vital sector in our market." Commenting on the company’s financial results for 2008, Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC, said: "Despite the financial turmoil that we all experienced in the latter part of 2008, we have managed to show good operational performance. I believe 2009 is going to be a challenging year given the current economic situation on the global and regional levels; however, we have been working toward revising our operational strategies to meet our customers’ and other stakeholders’ expectations."

Alharmi added, "We are determined to continually provide our customers and stakeholders with the support necessary to sustain and stabilize the real estate sector in the UAE in 2009 and beyond. I am confident that the long term outlook for the real estate financing sector is very positive as the real estate market is maturing with a buoyant secondary mortgage market developing. We have been prudent with our provisioning and taken solid steps to optimize our strategy on operational costs, liquidity management and international operations in managing our assets to the tune of AED 15 billion. We also exerted sharp focus on rationalizing our real estate investment portfolio where necessary. Although new financing is likely to remain tight over the next few months, we are adamant on service quality and support to our existing customers."

Bargain Deals, Raffle Draws And Colourful Shows Mark Spectacular Start Of Festival@The Dubai Mall

Hundreds of bargain deals on the world’s most coveted brands, five daily raffle draws and colourful roaming entertainment marked the spectacular start of the Festival@The Dubai Mall on Thursday. The festival is the world’s largest in-mall retail shopping and entertainment extravaganza bringing together over 900 retail stores including 160 F&B outlets, that will run through to May 29, 2009.Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “Visitor response to the Festival@The Dubai Mall on the opening day was beyond our expectations. We have lined up an array of exciting shopping deals and leisure attractions, true to the theme of the festival – ’30 Days, Many Ways.’ There will be novel attractions every day, adding to the surprise factor for visitors, and encouraging them to return to the mall.”Organised in collaboration the Dubai Shopping Festival Office, the Festival@The Dubai Mall featured several entertainment attractions on the opening day, including mime acts, jugglers, ribbon dancers, and a colorful festival carnival. The Dubai Ice-Rink hosted special skating displays, while shoppers were treated to the colorful spectacle of The Dubai Fountain, the world’s tallest performing fountain that is currently being tested.The Grand Bentley raffle, a key attraction of the festival, drew a strong response with several hundred tickets being sold on the opening. There are only 5,000 tickets on offer, each priced at AED 200, to win a luxurious, four-door Bentley Continental Flying Spur. The raffles are available at all 18 Customer Care outlets and four special Bentley Raffle Kiosks located across the mall.Festival@The Dubai Mall is also offering a total prize money of AED 3.1 million during the 30-day period. On the opening day, five raffle draws were held at 2pm, 4pm, 6pm, 8pm and 10pm; and lucky winners were presented AED 10,000 each. The Dubai Mall visitors can get raffle coupons for an aggregate purchase worth AED 500 from any of the participating outlets including the food court.On Saturday, a draw for AED 100,000 will be held at the mall, with the winner standing to gain another AED 50,000 if they are present at the mall during the draw. The draw for the grand prize of AED 1 million will be held at the end of the festival.The first ‘Bid 2 Win,’ a live auction to win a range of products, will be held on Friday for an Apple Combo, priced at AED 14,498. Visitors only have to check the product code from the display at the mall and SMS it to 4643 after registering for the bid at the same number. Bids will start at AED 1 and will continue till 9pm, with bidders being informed of the status of the bid in real-time. Live updates of the auction will also be displayed in the multimedia screens across the mall.Festival@The Dubai Mall is supported by Dubai Media Inc, Arab Media Group and The Address Hotels + Resorts, a part of the Emaar Hospitality Group.
 

World’s Largest In-Mall Retail Festival Opens At The Dubai Mall On Thursday

The world’s largest in-mall retail and entertainment festival will flag off on Thursday (April 30, 2009) at The Dubai Mall. The Festival@The Dubai Mall, a 30-day shopping and leisure extravaganza, marks the first time in the world that over 900 world-class retailers including 160 food & beverage outlets, join hands for a grand promotion in a mall environment.Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “The month-long event comes at a perfect time to reach out not only to families in the Gulf region but also visitors from the larger Middle East, the Indian Subcontinent, Iran and Russia. The festival is timed to offer families an added incentive and invitation to visit the mall during the school holidays.”Mr Rafi explained: “With 900 retail outlets already open, The Dubai Mall has the highest concentration of the world’s most leading retail brands in a single mall. The festival is therefore unsurpassed globally in terms of retailer participation within a mall environment. Retailers in the mall have extended their full support to the festival, which is organised with the Dubai Shopping Festival Office as the Strategic Partner.”Leading retailers in The Dubai Mall, several of them operating their flagship stores or having opened their first Middle East outlets, support the Festival, by offering three kinds of shopping deals – Part Sale, Festival Discount and Festival Offers. Mall tenants will display their chosen category of the offers in-store for easy identification by customers. Complementing the retail deals, shoppers also stand to win millions of dirhams in prizes through daily, weekly and grand raffle draws.
Mr. Ramesh Prabhakar, Managing Partner, Rivoli Group LLC, observed that the Festival@The Dubai Mall is a “very positive sign of support from Emaar and the Dubai Shopping Festival Office. We are sure that it will become another key activity in the calendar of Dubai’s retail activities.”Ms. Colette Shannon, Marketing Manager of the first Waitrose supermarket in the Middle East region in the mall, said the Festival will create top of mind awareness of the mall. “It is a superb mall, and will over time, establish itself as the premium mall destination in Dubai.”Mr. David Reily, CEO Middle East, RSH, said that all of the company’s stores in the mall will have “cross-store offers” during the Festival with gift vouchers to be presented to customers. “The Dubai Mall is an outstanding destination and I have never seen a mall generate more fresh ideas or energy.”Visitors to the mall can also take part in a unique ‘Bid 2 Win’ auction to bid for a diverse range of products starting off at an easy AED 1. In another opportunity to win big, the festival will feature a Grand Bentley Raffle, where only 5,000 tickets, priced AED 200 each, will be drawn for a luxurious, four-door Bentley Continental Flying Spur. An array of entertainment activities, across the mall will assure non-stop fun for all visitors.The opening day of the Festival@The Dubai Mall will witness five lucky winners of raffle draws walking away with prizes of AED 10,000 each. Customers only have to shop for an aggregate AED 500 from any of the retail or F&B outlets during the entire month for obtaining the raffle coupons. The weekly draw for AED 100,000 will be held on Saturday with the winner standing to gain another AED 50,000 if present in the mall at the time of the draw. The sale of coupons for the Grand Bentley Draw will also open on Thursday morning at special stands across the mall.Items for the Bid 2 Win will be displayed prominently at the mall and visitors only have to check the product code and SMS to 4643 after registering for the bid at the same number. The products for auction will range in prize from AED 10,000 to AED 100,000. Bids will start at AED 1 and will continue till 9pm, with bidders being informed of the status of the bid in real-time. Live updates of the auction will also be displayed in the multimedia screens across the mall. Several entertainment programmes including musicians and jugglers will regale visitors, who can also tour the Dubai Aquarium & Underwater Zoo and Dubai Ice-Rink for added fun, and watch the testing of The Dubai Fountain, the world’s tallest performing fountain, at the nearby Burj Dubai Lake.Festival@The Dubai Mall is supported by Dubai Media Inc, Arab Media Group and The Address Hotels + Resorts, a part of the Emaar Hospitality Group. Dubai Shopping Festival Office offers strategic support including executing the various retail and entertainment activities.