ALDAR INCREASES INVESTMENT IN ITS RETAIL PORTFOLIO TO AED 1 BILLION WITH NEW REDEVELOPMENT PLANS
- AED 500 million investment committed to redevelop Al Jimi Mall Al Ain and Al Hamra Mall Ras Al Khaimah
- Redevelopment plans to redefine the retail experience for customers, expand and refurbish existing retail stores, and diversify brand and F&B offerings
- Increased investment follows the recent completion of AED 500 million redevelopment plan to transform Yas Mall Abu Dhabi
Abu Dhabi, UAE – 25 July 2023: Aldar Properties (“Aldar”) today announced an AED 500 million investment plan to redevelop two of its key retail portfolio assets in the UAE: Al Jimi Mall in Al Ain, and Al Hamra Mall in Ras Al Khaimah. The investment takes Aldar’s committed spend on redeveloping key retail assets to AED 1 billion.
The company has approved a redevelopment plan for Al Jimi Mall to enhance the customer journey and reinforce its position as the mall of choice for residents and visitors in Al Ain. The plan aims to increase the Gross Leasable Area (GLA) by 20% to 91,000 sqm and introduce new anchor retailers, premium international brands, and popular food concepts. The mall will remain open to customers with the project expected to be fully completed by Q1 2025.
Following a successful acquisition of Al Hamra Mall in February 2022, Aldar’s redevelopment plan for the mall reimagines its spaces through a refurbishment of the façade, expanded F&B offerings, and the introduction of additional well-loved brands. With work already underway, the project is being rolled out in phases and is set to be completed in mid-2024.
The investment announcement follows the culmination of Yas Mall’s AED 500 million redevelopment plan announced in 2021 which resulted in the successful transformation of the mall from a client journey, operating and financial performance perspective. As with Yas Mall, the company will leverage its superior active asset management capabilities to emulate the outperformance witnessed by Yas Mall by enhancing financial operating performance and ultimately the asset values of Al Jimi Mall and Al Hamra Mall.
Announcing the investment plans, Saoud Khoory, Chief Retail Officer at Aldar Investment, said: “Our investments in Al Jimi Mall and Al Hamra Mall enable us to cater to evolving customer needs and create vibrant retail destinations for all, in line with global retail trends. The redevelopment plan for Al Jimi Mall is a game-changer for the retail scene in Al Ain and helps us deliver long-term value for the community. We are also delighted to be furthering our investment in Ras Al Khaimah as the emirate continues to show strong growth potential as a hospitality, tourism, and residential destination. Both investments further solidify Aldar’s commitment to enhance its retail portfolio and continue developing world-class shopping, dining, and entertainment destinations across the UAE.”
Across the malls, guests will be welcomed in a fully upgraded façade as well as a new valet parking area and drop-off locations. To deliver a seamless journey, the common areas will also be fully refurbished, including but not limited to corridors, welcome desks, facilities, and the implementation of digital way-finding solutions.
Al Jimi Mall is Al Ain’s first shopping and entertainment destination, offering families and shoppers a wide variety of top brands all under one roof in the heart of Garden City. In 2019, Aldar completed a major expansion and introduced a retail park, which doubled the mall’s store count to more than 200 in addition to an eight-screen VOX cinema and a variety of dining outlets.
Located in the residential community of Al Hamra Village, Al Hamra Mall is one of the most well-loved malls in Ras Al Khaimah, providing visitors with over 130 international and local brands and unique eateries. The mall was acquired by Aldar for AED 410 million in February 2022.