DUBAI, March 7 Property investment and advisory
firm Jones Lang LaSalle (JLL.N) has created a retail business
unit for the Middle East and North Africa region, eyeing the
sector as a key growth driver, it said on Sunday.
The newly-created division will provide development
advisory, as well as leasing and management services to retail
clients in the region.
"We believe in the huge potential of retail and consider it
as one of our maj*or regional business initiatives for 2010,"
said Blair Hagkull, managing director of Jones Lang LaSalle
MENA, in a statement.
David Macadam will head the division.
Dubai, the retail capital of the region, has been hit hard
by the end of a six-year economic boom fuelled by a fast-paced
real estate development. Retail sales fell sharply across the
once-bustling emirate, as consumers slashed spending.
Jones Lang LaSalle, which operates in 25 countries across
the region through four branches, is planning to open new
offices, it said, without specifying their locations.
(Reporting by Tamara Walid; Editing by Bill Tarrant)