Time Out to open Abu Dhabi market as it banks on post-Covid recovery
Time Out today unveiled plans to open a new food market in Abu Dhabi as the media group pins its hopes on a return to dining out after the pandemic.
The market, which is set to open on Abu Dhabi’s Saadiyat Island in 2023, will be the company’s second location in the United Arab Emirates, with Time Out Market Dubai due to open in the first half of this year.
The venture is being launched as a management agreement with real estate developer Aldar Properties — the fourth such deal the company has inked.
This means Time Out will receive a share of revenue and profit but does not contribute to the running costs of the site.
The market, which will cover 35,000 square feet and boast 15 restaurants and three bars, takes Time Out’s pipeline of new venues to five.
In addition to the Dubai site, the firm plans to open venues in London Waterloo and Porto next year, as well as in Porto in 2005.
It already operates markets in Lisbon, Miami, New York, Boston, Chicago and Montreal.
“Signing the fourth management agreement for Time Out Market with a global real estate partner like Aldar Properties is testament to the appeal of our unique Market concept and the global strength of the Time Out brand,” said chief executive Julio Bruno.
“We look forward to bringing the Time Out Market to Abu Dhabi and curating the best of this international city’s home-grown culinary talent under one roof.
“While it remains a challenging time for the leisure industry, we know our audience is eager to return to the city life that we champion and we look forward to welcoming them to the current and planned Time Out Markets around the world.”
Time Out, known primarily for its listings magazine, has been shifting its focus to physical markets in recent years amid a decline in advertising revenue.
But the firm has suffered a major setback as the outbreak of Covid-19 hit ad revenue in its largely travel and leisure-focused media business and forced the closure of markets.
Time Out last year raised £47m through a share placing and redeemed £24m of loan notes in an effort to shore up its balance sheet.