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Dubai Municipality Auctions Naif Souq Shops, 42 Shops Auctioned In Two Days For Dhs 61.11 Million

Dubai Municipality conducted a two day auction for 42 shops in the newly built Naif Souq. The auctions held at the Municipality Staff Club in Garhoud fetched the civic body Dhs61.11 million, The auctions were held in the presence of Khalifa Hareb, Director of Assets Management Department, Ibrahim Yaqoub, Director of Contracts and Purchasing Department and Obeid Ibrahim Al Marzouqi, Head of Markets Section and a number of officials of the Municipality.

The first auction on Sunday saw 27 shops being auctioned for a total value of Dhs34.67 million. About 250 licensed traders, who participated in the auction on the first day, bid competitively on the first floor shops. The auction for the shops ranged between the value Dhs1.1 million to Dhs1.16 million and the lowest price offered in the auction was Dhs950,000.

On Monday, 15 shops on the ground floor were auctioned for Dhs26.44 million, in which 600 people, who have commercial trade licenses, participated.

The Municipality also collected a total of Dhs600,000 as the value of the payment for the required documents to complete the procedures for entering in the auction.

The Souq was built in the place of the old Naif Souq, which was gutted in an inferno in April 2008. The Municipality had built a temporary Souq 500 metre away from the original Souq in July 2008, which was completed within a record time of 45 days ahead of the scheduled time of 60 days.

The new Souq, which is getting ready for delivery, houses more shops than the old one. While the gutted Souq had only 200 shops, the newly constructed Souq, which is a central AC building, has 218 shops, 111 on the ground floor and 107 on the first floor.

The new Souq is equipped with all modern amenities such as toilets, parking, coffee shops and Municipality offices. The basement parking can accommodate 99 vehicles. The building houses three coffee shops on the ground floor, two offices on the first floor and one each on the ground floor and basement. The Souq, which has four entrances, also houses 44 kiosks, two elevators and two lifts.

It is worth mention that the Municipality had distributed compensation to the shop owners of the old Naif Souq. The shop owners were exempted from paying any additional rents until the new Naif Souq was ready. The Municipality had also launched a special advertising campaign about the Souq in different media in the Gulf countries in order to continue to get visitors of the old Souq who are spread all over the Gulf countries.

Naif Souq was one of the oldest traditional markets in Dubai, having been named so thanks to its proximity to the ancient Naif Fort. The 60,000 sq ft market was also popularly referred to in Arabic as "Souq Sanadiq" because of the box-type shops before they were renovated in the 80s.


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