Chinamex

Last updated
China Middle East Investment and Trade Promotion Centre
Industry Real estate
Founded2000
Headquarters
Website chinamex.com.cn

Chinamex (short for China Middle East Investment and Trade Promotion Centre) is a Chinese real estate developer specializing in the design and management of large malls and mixed use developments, branded as Dragon Mart and Dragon City, respectively, that are located in foreign countries. The malls are shopping hubs for retail and, especially, wholesale sales of Chinese products.

Contents

Active projects

Dragon Mart Dubai

The first mall developed by the company was Dragon Mart in Dubai, United Arab Emirates, [1] a sprawling development located at Dubai International City that was referenced in an article in The New York Times as a key project in the expansion of Chinese ties in the Persian Gulf countries. [2] Dragon Mart 1 was established in 2004 and a second mall, Dragon Mart 2, was completed in December 2015.[ citation needed ]

Dragon City Bahrain

In September 2013, Chinamex signed a memorandum of understanding with the Diyar Al Muharraq authorities for the construction of a 120,000 m2 wholesale and retail mall entertainment complex in Bahrain branded as Dragon City. [3] Nass Corporation was commissioned to build the mall. With an investment of $100 million, the Dragon City opened in December 2015. Characterized by its oriental architecture, it also included 300 residential apartments. [4] [5] Dragon City Bahrain is a first-of-its-kind development that encompasses over 787 commercial units, making it the largest wholesale and retail trading centre in the Kingdom of Bahrain. [6]

6 months after the opening, 95% of store occupancy was reached. [7] In November 2016, Chinamex allocated an extra $200 million to roll out the second part of the project: a palatial hotel, restaurants area, and a recreational area. [8]

Canceled projects

Dragon Mart Cancún

In conjunction with Mexican investors, Chinamex commenced construction of Dragon Mart Cancún, a $US180-million investment that includes 3,000 storefronts, along with apartments for the families of mall workers. ONGs and national institutions heavily criticized the project as soon as it was announced in 2011, arguing that the Mexican government did not conduct environmental impact assessments. Facing bad publicity, Chinamex rearranged its deal with its Mexican partners, allowing more countries to partake in the project, reducing the number of units reserved to Chinese businessmen, and giving up 10% of its 50-50 investment deal to the Mexican investors (60% MX, 40% CN). The project was approved on government and state levels by the end of 2012, but local authorities blocked and completely reversed the approval on all government levels. [9]

Construction was then halted due to an environmental enforcement action by Profepa, the Mexican environmental protection agency. Dragon Mart was fined $555,000 in 2014 by Profepa for neglecting the conduction of environmental impact assessments. In January 2015, Profepa canceled the project and fined Dragon Mart an additional $1.5 million. [9] An article in The Wall Street Journal noted that the planned DragonMart had unsettled Mexican business leaders who were anxious about losing market share to Chinese competition. [10]

Panama: Dragon City

In 2014, Chinamex started investing in the development of a Dragon City in Panama. [11] In 2015, a free trade agreement between Mexico and Panama became effective, and Chinamex was planning to turn the China-Panama-Mexico axis into a major export outlet of Chinese products towards the North and South American markets. [12]

Chinamex USA

In December 2009, Chinamex opened offices in Atlanta. It had 14,000-square-foot facility used as a showroom of China-manufactured products. However, in July 2011, Chinamex closed its Atlanta offices, marking its retreat from the USA's markets. [13]

Related Research Articles

<span class="mw-page-title-main">Nicaragua Canal</span> Proposed shipping route across Nicaragua

The Nicaragua Canal, formally the Nicaraguan Canal and Development Project was a proposed shipping route through Nicaragua to connect the Caribbean Sea with the Pacific Ocean. Scientists were concerned about the project's environmental impact, as Lake Nicaragua is Central America's key freshwater reservoir while the project's viability was questioned by shipping experts and engineers.

<span class="mw-page-title-main">Dubailand</span> Unbuilt entertainment complex in Dubai

Dubailand was an entertainment complex planned to be built in Dubai, United Arab Emirates, which was owned by Tatweer. When announced in 2003 it was one of the most ambitious leisure developments ever proposed anywhere in the world costing $64.3 billion, but development has been severely impacted by global recession and Dubai's financial crisis. The development was put on hold in 2008, due to the financial crisis of 2007-2008, but resumed in mid-2013. Updates in 2013 showed that $55 billion had been raised towards the works.

<span class="mw-page-title-main">Emaar Properties</span> Emirati real estate development company

Emaar Properties is an Emirati multinational real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation of US$16.8 billion as of August 2023 against the Net Asset Valuation of US$37.6 billion as of December 2022 based on the valuation of assets done by third party valuer. With six business segments and 60 active companies, Emaar has collective presence in 36 markets across the Middle East, North Africa, Asia, Europe and North America.

<span class="mw-page-title-main">Nakheel Properties</span> Property development company in Dubai

Nakheel Properties is a real estate development company based in Dubai, United Arab Emirates. The formal name of the company is Nakheel PJSC and it was a subsidiary of Dubai World and a private state-owned enterprise.

<span class="mw-page-title-main">Falcon City of Wonders</span>

Falcon City of Wonders (FCW) is a Dubai-based real-estate project was founded in 2005. The project include international-themed villas, spacious apartments, shopping malls, hotels, business offices, fine-dining restaurants, health clubs, spas, nurseries, schools and parks. When viewed from above, the development resembles a falcon, with the Falcon Mall forming the head of the falcon. As of 2022, the project has only completed the Left Wing of the city, with major portions still on hold. It is located in Wadi Al Safa 2, a short distance from the Global Village and the Arabian Ranches.

<span class="mw-page-title-main">SM Investments</span> Philippine conglomerate

SM Investments Corporation (SMIC), also known as SM Group, is a Filipino conglomerate with interests on various sectors, mostly on shopping mall development and management, retail, real estate development, banking, and tourism. Founded by Henry Sy, it has become one of the largest conglomerates in the Philippines, being the country's dominant player in retail with 208 stores nationwide. Of these, 47 are SM Department Stores; 38 are SM Supermarkets; 37 are SM Hypermarkets, and 86 are SaveMore branches.

<span class="mw-page-title-main">Géant Casino</span> French hypermarket chain owned by Casino Group

Géant Casino is a hypermarket chain based in Saint-Étienne, France, part of the French retailing giant Groupe Casino.

<span class="mw-page-title-main">Economy of Dubai</span>

The economy of Dubai represents a per capita gross domestic product as of 2022 of US$46,665. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE's non-oil trade over 10 years totalled Dhs16.14 trillion. The UAE GDP jumping from $407 billion in 2021 to $440 billion in 2022 and $467 billion in 2023. Similarly, per capita GDP will also expand from $43,868 in 2021 to $46,665 in 2022 and $48,822 in 2023.

The government of Dubai took a decision to diversify from a trade-based, oil-reliant economy to one that is service and tourism-oriented. This has made real estate and other developments more valuable, thus resulting in a property boom from 2004 to 2006. Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. There are a number of large-scale projects which are currently under construction or are to be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which are 25% of cranes worldwide, are operating in Dubai. Due to the burst of construction, Dubai has acquired various building-related records, which include: the world's tallest tower, the world's largest shopping mall, the world's largest fountain and the world's tallest hotel. Also under construction is Dubailand, which will be almost twice the size of the Walt Disney World Resort.

Majid Al Futtaim Holding is an Emirati holding company based in Dubai. The family-owned conglomerate owns and operates shopping malls, retail, and hotel establishments in the Middle East and North Africa.

<span class="mw-page-title-main">M. A. Yusuff Ali</span> Indian businessman (born 1955)

Yusuff Ali Musaliam Veettil Abdul Kader, popularly known as M. A. Yusuff Ali, is Indian businessman and billionaire. He is the Chairman and Managing Director of LuLu Group International, which owns the LuLu Hypermarket chain worldwide and LuLu International Shopping Mall. With an annual turnover of US$8.4 billion, LuLu Group International employs the largest number of Indians outside India. According to Forbes Middle East, Yusuff Ali was ranked No. 1 in Top 100 Indian business owners in the Arab World 2018. As per Forbes billionaires list published on October 2023, he was ranked 27th richest Indian with net worth of US$6.9 billion.

<span class="mw-page-title-main">China–Mexico relations</span> Bilateral relations

China–Mexico relations are the diplomatic relations between the People's Republic of China and the United Mexican States. Diplomatic relation were established in 1972. Both nations are members of the Asia-Pacific Economic Cooperation, G-20 major economies and the United Nations.

<span class="mw-page-title-main">Dubai International City</span> City in Dubai, United Arab Emirates

Dubai International City is a country-themed collection of residences, businesses, and tourist attractions. Spreading over an area of 800 hectares, the arrangement of the city is inspired by the traditional carpets of the Middle East. Once completed, the project will contain studio and one-bedroom apartments, and accommodate over 60,000 residents. Dubai International City is located in the Al Warsan region of Dubai, close to the Dubai Central Fruit and Vegetable Market.

There are approximately 210,000 Chinese people in the United Arab Emirates as of 2022, 150,000 of which are in Dubai. Many Chinese expatriates hail from the Wenzhou region; they are mostly businessmen and merchants who run hundreds of commodity shops through the Emirates. Chinese culture in the Emirates has a sizeable presence; there are many Chinese restaurants in Dubai.

<span class="mw-page-title-main">Dragon Mart</span> Shopping mall, in Dubai UAE

Dragon Mart is a set of two adjacent shopping malls in Dubai International City, a suburb of Dubai, United Arab Emirates. Dragon Mart is 1.2 kilometre long and is the "largest Chinese retail trading hub outside mainland China". It is includes the largest concentration of Chinese businesses in the UAE.

<span class="mw-page-title-main">Diyar Al Muharraq</span>

Diyar Al Muharraq is a complex of seven artificial islands in the archipelago of Bahrain, located 10.5 km (6.5 mi) northeast of the capital, Manama, on Bahrain Island.

Meraas is a privately held holding company headquartered in Dubai with operations and assets in the United Arab Emirates. As of 2020, Meraas was reportedly due to become a subsidiary of Dubai Holding.

<span class="mw-page-title-main">Investment Corporation of Dubai</span> Sovereign wealth fund from the United Arab Emirates

Investment Corporation of Dubai is the principal investment arm of the Government of Dubai focused on strengthening Dubai’s economy through long-term value and wealth creation and investing in global opportunities. Established in 2006, ICD manages the Government of Dubai Portfolio of commercial companies and investments. In 2022, ICD reported assets worth $320 billion and revenue of $73 billion. The Dubai-based corporation provides strategic oversight, develops and implements investment strategies and corporate governance policies, and operates in multiple sectors, including oil and gas, transportation, banking, and financial services.

Union Coop, formerly known as Union Cooperative Society' is an Emirati consumer cooperative located in the emirate of Dubai, UAE. It was founded in the year 1982 by the then Ministry of Labour and Social Affairs, which has now been restructured.

References

  1. "Dragon Mart". dragonmart.ae. UAE. Retrieved 25 October 2022.
  2. "Avoiding Political Talk, Saudis and Chinese Build Trade". The New York Times . April 23, 2006.
  3. "Chinamex to oversee Dragon Mart Bahrain". Construction Week. September 30, 2013.
  4. "Bahrain gears up for $100m China Town launch". Tradearabia.com. 14 December 2015. Retrieved 21 July 2017.
  5. "Bahrain's $100m Dragon City set for official launch on Dec 27". Arabianbusiness.com. 24 December 2015. Retrieved 21 July 2017.
  6. "About Dragon City Bahrain". Arabianbusiness.com. 16 June 2016. Retrieved 26 July 2017.
  7. "Dragon City dining outlets to open in Bahrain in 2016". Arabianbusiness.com. 11 July 2016. Retrieved 2 July 2017.
  8. "Chinamex allocates $200m for the second phase of Dragon City". 21 November 2016. Retrieved 22 July 2017.
  9. 1 2 Edmund Downie (24 January 2017). "The Dragon Mart Fiasco Still Haunts China-Mexico Relations". Thediplomat.com. Retrieved 21 July 2017.
  10. "Mexico Halts Chinese Expo Center on Environmental Concerns". The Wall Street Journal. January 27, 2015.
  11. Jesus Vazquez (27 July 2014). "Alistan proyecto gemelo de Dragon Mart en Panamá". Eleconomista.com.mx (in Spanish). Retrieved 22 July 2017.
  12. Sara Cantera (6 August 2014). "Dragon City Panama". Expansion.mx (in Spanish). Retrieved 22 July 2017.
  13. Trevor Williams (20 July 2011). "Chinamex Closing Atlanta Office". Globalatlanta.com. Retrieved 22 July 2017.