- First deal to be signed for the 27,000-sqm retail park within Aldar's AED3 billion investment programme
- Includes 5,900-sqm showroom and state-of-the-art express service centre
30 April, 2017 - Abu Dhabi, UAE: Aldar Properties, Abu Dhabi's leading listed property development, investment and management company, has signed a partnership agreement with Al Fahim Group, one of the region's most successful leading family conglomerates, to bring the world's first Mercedes-Benz and AMG showroom and state-of-the-art express service centre to Yas Island. The new showroom will be located in close proximity to Yas Mall and opposite the mall's flagship luxury department store, Tryano. Construction is scheduled to start in Q4 2017, with handover to Al Fahim Group in early 2019.
The 5,900 sqm Mercedes-Benz and AMG showroom represents a sizable portion of the GFA for Aldar's new planned retail park on Yas Island which was announced in March 2017. The retail park forms a part of Aldar's AED3 billion investment programme aimed at growing net operating income from recurring revenue generating assets.
The Mercedes-Benz and AMG Yas Island project will be a masterpiece of design developed by a consortium of four leading architectural companies to provide a seamless and approachable journey from modern luxury to robust sportiness. All future global facilities with the same concept will be benchmarked against this Yas Island project.
Commenting, H.E Mohamed Khalifa Al Mubarak, Chief Executive Officer, said: "We are delighted to partner with Al Fahim Group to bring this first-of-its-kind Mercedes-Benz and AMG showroom and express service centre to Yas Island. Yas Island is one of the most exciting destinations in Abu Dhabi, and Mercedes-AMG with its global reputation for speed and performance is a natural fit. This deal comes soon after announcing our retail park plans within our investment programme, and we look forward to the new showroom making an impact on our recurring revenues as soon as next year."
Ahmed Abdul Jalil Al Fahim, Chairman of Al Fahim Group, stated, "We are excited to partner with Aldar to build the world's first Autohaus combining the new Mercedes-Benz and AMG Performance Center architecture under one roof. To grant visitors the Best Customer Experience in the region, the complex will have all the elements of future showroom concepts for Mercedes-Benz and AMG; such as, complete digitalization and new job roles. Above and beyond, the facility is part of our group strategy to demographically expand and provide added services further emphasizing our promise to Mercedes-Benz, and our clients, in maintaining our status as a pioneer in customer satisfaction."
Currently, Al Fahim Group houses the world's largest Mercedes-Benz facility in the industrial zone of Mussafah through its flagship company, Emirates Motor Company – Mercedes-Benz authorised distributor in the Emirate of Abu Dhabi. Known in the region for introducing the most innovative in automotive technology, this new addition to the group's portfolio is of great significance to Abu Dhabi and the country as a whole.
Yas Island is home to the award-winning and iconic Yas Mall in addition to big box retail in the form of ACE Hardware and IKEA. Aldar currently has over 3,500 homes under development across Yas Island which include West Yas, Mayan, Yas Acres and Ansam, with Ansam due for handover later this year.