Last checked at 3 Apr 2019 07:00
3 April 2019
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market in Dubai (Management Agreement)
Time Out Group plc & Emaar Malls PJSC
Announce Time Out Market in Dubai - the First in the Middle East
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.
Julio Bruno, CEO of Time Out Group plc, stated:
"We are pleased to have entered into our third management agreement, partnering with Emaar Malls to open Time Out Market Dubai. This enables us to scale this successful format globally and drive growth. Time Out Market Dubai will be the first site to open outside of Europe and North America - where we have a pipeline of new sites - demonstrating the strength of our brand and its appeal for the world's leading real estate companies.
"Time Out launched in Dubai in 2001 and has established a very strong presence in what is one of the world's most visited destinations and booming business hubs. Both locals and visitors rely on Time Out Dubai's curated content - distributed across digital and print channels - to discover this exciting city."
Patrick Bousquet-Chavanne, CEO of Emaar Malls, said:
"The addition of the first Time Out Market in the region in Souk Al Bahar will add to the culinary attractions that await visitors and local residents to Downtown Dubai. The carefully curated lifestyle experience will define a new niche for the city and complements our rich culinary offering set along the Waterfront Promenade of The Dubai Mall and in Souq Al Bahar. Emaar Malls is committed to bringing innovative entertainment attractions by working with global partners such as Time Out."
Didier Souillat, CEO of Time Out Market, commented:
"We are excited to open Time Out Market Dubai together with Emaar Malls in the beautiful Souk Al Bahar. In this city you couldn't find a more iconic location, right next to the world-famous Burj Khalifa, the spectacular water fountains and the popular Dubai Mall - all attracting millions of visitors every year.
"Dubai is a top travel and culinary destination - its food scene is one of the world's best. The concentration of excellent chefs and restaurants is extraordinary, and people come here for outstanding dining experiences and entertainment. We can't wait to test, taste and select the very best curated mix of the city's top chefs and cultural talent for Time Out Market Dubai. This will be a fantastic addition to the city and another must-visit destination in this part of Dubai."
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.
-ENDS-
For further information, please contact: |
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Time Out Group plc | Tel: +44 (0)207 813 3000 |
Julio Bruno, CEO |
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Adam Silver, CFO |
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Steven Tredget, Investor Relations Director |
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Liberum (Nominated Adviser and Broker) | Tel: +44 (0)203 100 2222 |
Steve Pearce / Trystan Cullen |
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FTI Consulting LLP | Tel: +44 (0)203 727 1000 |
Edward Bridges / Stephanie Ellis |
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Notes to editors
About Time Out Group plc
Time Out Group is a global media and entertainment business that inspires and enables people to explore and enjoy the best of the city. Its digital and physical presence comprises websites, mobile, magazines, Live Events and Time Out Market. Across these platforms Time Out distributes its curated content around the best food, drink, music, theatre, art, travel and entertainment across 315 cities and in 58 countries. Time Out, listed on AIM, is headquartered in the United Kingdom.