House of Fraser and Waitrose are set to join the growing number of international retail brands heading for the capital.
The department store chain House of Fraser will open its first Abu Dhabi store in the third quarter of next year in the Emporium at Central Market, a mall being built by the developer Aldar Properties.
Waitrose, which already has a supermarket in Dubai's Marina Mall, will open a small outlet in the Al Zeina section of the Al Raha Beach development in the second half of this year, an Aldar executive has said.
Fred Douglas, the director of retail leasing at the developer, said House of Fraser's move to Abu Dhabi underpinned the confidence retailers have in the region.
Abu Dhabi is increasingly attracting top global brands as retail space rapidly develops.
The news of the two UK retail brands expanding to Abu Dhabi comes only a week after it was reported that Marks & Spencer will expand in the capital by opening in Marina Mall.
Mr Douglas said the Emporium and Al Zeina were only two of the projects the company was focusing on this year.
There was also Yas Mall, which was set to be completed by the third or fourth quarter of 2013.
"Retail is very important. It's playing a significant role for Aldar and it will continue to play a great role in the future," Mr Douglas said.
Traditionally a one-stop shop for other brands in the UK, analysts say House of Fraser will have to provide a unique offering in the UAE, where malls often take the role of department stores.
"The question is, what are House of Fraser offering in beauty and fashion, and how quickly they can take market share," said Richard Adams, a retail analyst at Datamonitor in Dubai.
"The UK expat community is large in the UAE but it's not as big as [that from] the Indian subcontinent or other expats. There's plenty of brand value but they will have to do their homework to see what their mix and assortment will look like."
Retailers in Abu Dhabi will also have to cope with an increasingly competitive market, as about 200,000 square metres of retail space comes available this year alone.
Mushrif Mall in the middle of Abu Dhabi island, Bawabat Al Sharq Mall in Baniyas and 9712 BMC near Musaffah are all due to be completed this year.
"There are a number of projects mooted and I have a sense that not all of the projects will deliver, which would be a good thing for Abu Dhabi because it will spread out the supply of space," Mr Douglas said.
"If all projects go ahead, there could be an oversupply in the immediate future compared to demand."
Dubai has about 1.5 sq metres of retail space per head, compared with only 0.5 sq metres in Abu Dhabi, Mr Douglas said.
House of Fraser will be the anchor store for Emporium at Central Market, which will primarily be a fashion centre, but also home to brands such as Spinneys and Magrudy's.
Mr Douglas said Al Zeina would be a small up-market furniture and homeware retail centre, with 18 individual outlets, including a bank, a pharmacy and coffee shops.
rjones@thenational.ae
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Company%20Profile
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MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
COMPANY%20PROFILE%20
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THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
COMPANY%20PROFILE
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
UNpaid bills:
Countries with largest unpaid bill for UN budget in 2019
USA – $1.055 billion
Brazil – $143 million
Argentina – $52 million
Mexico – $36 million
Iran – $27 million
Israel – $18 million
Venezuela – $17 million
Korea – $10 million
Countries with largest unpaid bill for UN peacekeeping operations in 2019
USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5