Dubai, 03 April 2019: Time Out Group plc (AIM: TMO), the global media and entertainment business, today announced that it has entered into a management agreement with Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC (DFM: EMAAR), to open a new Time Out Market in one of Dubai’s most visited attractions.
This is Time Out Market’s third management agreement, enabling further global expansion of this successful food and cultural market.
Time Out Market Dubai will be located in Souk Al Bahar, an Arabic-style retail, entertainment and dining destination right at the heart of Downtown Dubai. With a unique waterfront position on Burj Lake, next to The Dubai Mall and the iconic Burj Khalifa, this is one of the region’s prime destinations, attracting millions of visitors each year.
At Time Out Market Dubai, visitors will get to explore and enjoy food from 16 of Dubai’s top chefs and celebrated restaurateurs, three lounges and cultural experiences – it will be a carefully curated mix representing the very best the city has to offer. With the opening expected at the end of 2020, Time Out Market Dubai will occupy 30,000 sq ft, accommodating around 670 seats.
The Time Out brand has a strong presence in Dubai, having launched in 2001 together with ITP Media Group as one of Time Out Group’s international franchises.
The first Time Out Market opened in 2014 in Lisbon to bring the best of the city under one roof: its best chefs, drinks and cultural experiences, based on editorial curation. With a record 3.9 million visitors in 2018, Time Out Market Lisbon continues to be Portugal’s most popular attraction. With eight sites in the pipeline, the Group is in the process of rolling out this successful format globally: Five new Time Out Markets are set to open in 2019 in Miami, New York, Boston, Chicago and Montréal; followed by Dubai in 2020, London-Waterloo in 2021 and Prague in 2022. The sites in Montréal and Prague are the Group’s first management agreements.
Emaar Malls’ properties include some of the most iconic malls, entertainment and community integrated retail centres in the Middle East, including The Dubai Mall, its flagship asset, which has been the most visited shopping and entertainment mall worldwide in each of the last five years. Emaar Malls also owns and manages Dubai Marina Mall, a lifestyle shopping mall for residents and visitors of the Dubai Marina community; and Gold & Diamond Park, a shopping destination dedicated to gold and jewellery, as well as community shopping centres.