The program will feature an address by the eminent Rashid Zakaria Doleh head of one of the world’s largest real estate company, which plans to develop, at a cost of over 15 billion dollars, 150 shopping malls in the markets of the Middle East, North Africa and India.
Doleh is CEO of Emaar Malls Group LLC based in Dubai, where its flagship Dubai Mall has parking for 16 000 cars, and is part of the Burj Dubai complex which boasts the currently highest building in the world. From October 3 to 5 he will be one of a panel of globally acknowledged experts who will speak at the ICSC/SACSC Retail Real Estate World Summit at the Cape Town International Convention Centre. The summit is in collaboration with the South African Council of Shopping Centres.
Among the list of subjects to be discussed by experts at the summit is The Evolution of Entertainment – More than a Place to Shop, which will be addressed by Doleh, as well as William Taubman, CEO of Taubman Centers in the US and South African Ian Watt, of Old Mutual Investment Group. They will discuss the morphing of the conventional retail hubs into something much more complex that could be viewed not as shopping centres, but rather as resorts or amusement parks.
When he announced his company’s expansion plans, Emaar Chairman Mohamed Ali Alabbar is reported to have said it had been demonstrated that the retail industry was one of the largest worldwide and growing at a rate of 15 per cent annually. Over 45 per cent of the GDP of any economy was driven by the retail sector, he said. In the selected regions, particularly on the Indian subcontinent, retail space per capita was a fraction of the 17 square feet of the USA and the market was thus ripe for expansion.
He said that besides affording the surrounding community with convenience, comfort and leisure enjoyment, shopping malls had the ripple effect of boosting the real estate value of both commercial and residential properties around them. It was his company’s experience that building new retail properties often gave economies a shot in the arm by invigorating different industries including construction, property and tourism as well as helping to create new jobs.
Rashid Zakaria Doleh joined Emaar in 2006. He has over 12 years’ experience in Retail, Banking and Insurance. He holds a Bachelors degree in Business Administration and a double Masters in Finance and General Business Administration. He is a member of the Middle East Council of Shopping Centers, and an organizational member of the International Council of Shopping Centers, Financial Management Association National Honour Society, Golden Key National Honour Society, Economic Honour Society at the University of Denver and the International Wild Life Conservation Society.
The Retail Real Estate World Summit has chalked up a first by hosting two ‘green’ exhibits at the CTICC during the conference. The Green Pavilion will showcase the new trends in sustainable building design relating to environmentally friendly stores and shopping centres, and the Green Zone hosts companies that offer the latest eco friendly products and services.
Founded in 1957, ICSC is the worldwide global trade association for the retail real estate industry. Its more than 70,000 members in 92 countries include shopping center owners, developers, managers, retailers, lenders and virtually every profession or trade involved in the industry. ICSC has offices in New York, Washington, D.C., California, Florida, México City, Canada, London, Beijing and Singapore.
The South African Council of Shopping Centres (SACSC) was established in 1991 as a division of the South African Property Owners Association. SACSC became independent in January 2000 and currently serves a membership of 1,200 members whose profile is similar to ICSC. Membership is predominantly from South Africa with representation from Kenya, Zimbabwe, Namibia, Lesotho, Botswana, Swaziland and Ghana but is increasing through out Africa as the shopping centre industry continues to grow in these new markets.
