SouqExtra! has signed a strategic partnership with Ajman Sports Club for a property development deal involving the establishment of community supercentres in three parcels of land owned by the club.

The deal, part of SouqExtra!’s planned expansion in 2009, is a signal the retail innovator is not slowing down despite current market conditions, said a company official.

Commenting on the deal, Saleh Abdullah Lootah, managing director, Souq Extra said “We remain very optimistic about our future expansion, despite current market conditions. Our economy has strong and solid fundamentals, and will be driven largely by local consumer spending, which directly benefits our business.”

The company's aggressive push in Ajman reflects the growing commercial interest in the once sleepy emirate due to the continuing migration because of the city’s lower cost of living and doing business.

Lootah added that Ajman is a perfect location for SouqExtra!’s expansion given the emirate’s favourable business environment, and the strong prospects for growth owing to the dearth of retail options in the city.

Khalefa Al-Jarrah, chairman, Ajman Sports Club, welcomed SouqExtra!’s initiative, praising the retail pioneer for its innovative concept.

“SouqExtra!’s innovative concept is commendable, and we’re delighted that they see a lot of potential in Ajman. This will help boost commercial enterprise in the city, and will hopefully inspire other establishments and enterprises to look at Ajman for their future expansion plans,” he added.-TradeArabia News Service