Banks account for half of retail space at Limitless business community, says Q2 2012 report.
The Galleries is firmly establishing itself as one of Dubai’s fastest-growing banking hubs, with international banks now accounting for nearly half of retail leases at the development, according to Limitless’ Q2 2012 activity report, published today.
The Galleries is already home to five international banks – HSBC, Standard Chartered Bank, Citibank, Abu Dhabi Commercial Bank and Blom Bank France – who occupy 12,000 sqft between them. More bank leases currently under negotiation are set to bring the total space taken by banks to more than 18,000 sq ft.
Bahaa Abouhatab, Head of UAE Projects for Limitless, said: “International banks are drawn to The Galleries’ strategic location, easy transport links and ever-increasing office tenants. Banks here are visible from Sheikh Zayed Road, and are convenient for passing motorists and people in nearby areas such as Jafza and Dubai World Central who can easily call in to The Galleries to take care of banking business. This is in addition to serving 2,500 people who work for 60 Galleries-based global and local companies.”
Other key activities reported in The Galleries’ Q2 2012 update:
· Demand for office space continued to rise, with new tenant Crane middle East and Africa taking 7,000 sqft at The Galleries’ A-grade commercial towers. Almost 558,000 sqft of office space is now occupied
· Chiller water consumption went down by 33 per cent – a saving of 11 million litres – in the first five months of the year, compared to the same period in 2011
· A new link opened between The Galleries and Jafza South, allowing easier movement between the two developments, opening up more business opportunities for retailers
Office tenants at The Galleries now include an Al Ghaith-owned entity, Hoffmann La Roche, Siemens, Daikin McQuay, L’Oreal, Ericsson, Arup, China National Petroleum Company and Kraft Foods. Onsite retailers include 1762 Deli, Oregano Italian eatery, Subway, Click restaurant , Bakeria/Café Arabicca and the newly-announced Lounge Cafe. There are also five international banks, a convenience store and a car rental outlet.
The Galleries is an eight-building mixed-use development set among landscaped, communal grounds spanning 215,000 sq feet – equivalent to three international football pitches. Less than an hour by car from Abu Dhabi and directly accessed from Sheikh Zayed Road direct road or by its own onsite Dubai Metro station, The Galleries has 2,500 parking spaces as well as onsite Facilities Management and Tenant Relations teams.
To find out more about The Galleries’ A-grade office or retail facilities, call Limitless Leasing on 800 8500 or email
info@limitless.com
ends
Media enquiries: Rebecca Rees on +9714 375 9702 (rebecca.rees@limitless.com)
Notes to editors
Media interviews, site tours and additional photos of The Galleries are available.