TIDMTMO
RNS Number : 8949U
Time Out Group plc
03 April 2019
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:
Time Out Group plc Tel: +44 (0)207
813 3000
Julio Bruno, CEO
Adam Silver, CFO
Steven Tredget, Investor Relations
Director
Liberum (Nominated Adviser and Tel: +44 (0)203
Broker) 100 2222
Steve Pearce / Trystan Cullen
FTI Consulting LLP Tel: +44 (0)203
727 1000
Edward Bridges / Stephanie Ellis
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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