Dubai-based retailer Aswaaq, which reported a record a 15 per cent revenue growth for the last 12 months, expect to invest as much as Dh110 million ($30 million) in expansion in 2016, said the company’s CEO.

“Over the course of the past 12 months, and particularly during the last two quarters, we have achieved strong financials which have ensured consistent growth throughout the year,” explained Yousef Sharaf.

“Our focus on customer loyalty and providing new products, services and innovations is unwavering. This year we launched our online shopping platform, and during the ensuing 12 months we will continue to expand our ecommerce presence,” he added.

The company attributes its double-digit surge on the stable and measured expansion of operations and services – plus the strong performance of its business pillars, where community malls have maintained a 99 per cent occupancy rate. With Aswaaq continuing to expand its market share, they also extended their physical footprint by successfully opening two new supermarkets in strategic locations in Emaar’s Greens and Al Barsha 1.

Aswaaq’s expansion in 2016 will entail the opening of three additional community malls in Al Quoz 2, Al Warqaa 3 and Nad Al Shiba 4, and the unveiling of a further three standalone supermarkets, adding to its already growing portfolio of malls and supermarkets across the Emirate, which serves more than 50 per cent of the Emirate through Aswaaq’s online shopping platform.

Affan Al Khoori, deputy CEO of Aswaaq, said: “The new community malls will add more than 100’000 sq ft of retail space to our Dubai footprint next year. In addition to grabbing more market share, our expansion plans will create more jobs, with 300 new staff members joining the Aswaaq family.”

Aswaaq’s current portfolio includes 11 community malls and supermarkets located in key areas across Dubai, in Al Barsha South, Al Badaa, Nadd Al Hamar, Al Mizhar, Sufouh, Umm Suqeim, Al Rigga, Al Warqa’a, Mirdif – plus two newly opened branches in the Greens and Al Barsha 1. – TradeArabia News Service