Al Ain ‘key growth market’ for Aldar Properties
Abu Dhabi-based developer sees UAE’s Garden City as an important component for retail offerings
Abu Dhabi-listed Aldar Properties views Al Ain as a key expansion market for its retail portfolio, driven by its significant local population and vibrant business landscape.
The real estate heavyweight said in a statement that Al Ain’s strong fundamentals and its cultural significance within the Abu Dhabi emirate have led it to become a key destination in Aldar’s development strategy. The UAE’s Garden City is host to the company’s Al Jimi Mall, Remal Mall and Shabhat Plaza commercial developments and its Oyoun Village residential project.
IN PICTURES: Aldar developments in ‘growth market’ of Al Ain
According to the Urban Planning Council’s “Plan Al Ain 2030”, the city’s population will witness a three-fold increase over the next two decades. As a result, driven by strong consumer demand, Al Ain’s retail sector is set for rapid growth as retail space per resident is expected to increase to approximately 1.115sqm by 2030.
Aldar’s Al Jimi Mall, Al Ain’s first shopping and entertainment destination, attracts eight million visitors annually, and is currently undergoing an expansion to add a further 65 stores, including a 10-screen cinema and a retail park, to the existing 94 outlets, bringing the total leasable area to 75,000sqm. The expansion is set to be completed in 2018, Aldar said.
Remal Mall, with approximately 128,890sqm of gross floor area, currently has more than 175 outlets with a total leasable area of 46,920sqm, the statement added. Aldar’s additional assets in Al Ain include the Shabhat Plaza and Al Oyoun Village, both of which offer residential neighbourhoods with amenities such as retail, recreational, educational and health facilities.
IN PICTURES: Aldar developments in ‘growth market’ of Al Ain
Talal Al Dhiyebi, chief development officer at Aldar Properties, said: “Al Ain is traditionally known for its natural heritage, and the unique lifestyle it offers residents. The growing retail sector is evidence of how the city is evolving to become a cultural and community hub. At Aldar, our ambition in Al Ain is to complement the existing entertainment and lifestyle amenities in the city to offer visitors a memorable shopping and leisure experience. Our existing retail assets in the city are part of our strategy to further diversify our investment portfolio and grow our recurring revenue assets.”
