- Home
- Middle East
- UAE
- Aldar increases investment in its retail portfolio to AED 1 Billion with new redevelopment plans
Aldar Increases Investment In Its Retail Portfolio To AED 1 Billion With New Redevelopment Plans
Muhammad Irfan Published July 25, 2023 | 05:45 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 25th Jul, 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 percent 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.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 12 May 2024
Today Gold Rate in Pakistan 12 May 2024
Crown Prince Mohammad bin Salman's visit schedule being discussed
Govt decides to procurement wheat from farmers
Deputy PM to pay 4-day visit to China from Monday
Pakistan seeks foreign investments in diverse sectors: PM
Digital transformation key priority for govt to improve tax collection: Aurangze ..
President-designate of COP29 for collective efforts to deal with climate change ..
Punjab Assembly Speaker suspends 27 members
World Migratory Bird Day being observed today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 11 May 2024
Today Gold Rate in Pakistan 11 May 2024
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago