Aldar to redevelop two major malls
New investment proposals will take Aldar’s retail spend to AED1bn
Aldar Properties (Aldar) has announced an AED500m ($136m) 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.
This investment will take Aldar’s committed spend on redeveloping key retail assets to AED1bn ($272.2m).
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 sq.m. 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 AED500m redevelopment plan announced in 2021, which resulted in the successful transformation of the mall in terms of enhanced visitor journey and improved operating and financial performance.
Announcing the new 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.”
