https://arab.news/6bhk5
- Investment follows the AED 500 million redevelopment plan of Yas Mall announced in 2021
ABU DHABI: Aldar Properties announced on Tuesday an investment plan worth 500 million dirhams ($131 million) to redevelop two of its key retail portfolio assets in the UAE — Al-Jimi Mall and Al-Hamra Mall.
It aims to raise the gross leasable area of Al-Jimi Mall by 20 percent to 91,000 sq. meters and to bring new retailers, international brands, and popular food concepts.
The mall will remain open to customers until the redevelopment is completed in 2025.
Meanwhile, Aldar’s redevelopment plan for Al-Hamra Mall in Ras Al Khaimah will reimagine its existing spaces by expanding food and beverage services and brands. The project is set to be completed in mid-2024.
The investment follows the 500 million dirhams redevelopment plan of Yas Mall announced in 2021.
“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,” Saoud Khoory, chief retail officer at Aldar Investment, said.
He added: “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.”
The redevelopments comes just months after Aldar signed a joint venture agreement with Dubai Holding to build 9,000 new homes across three communities in the city.
The developments will take place along the E311 and E611 corridors across 38.2 million sq. ft of land, reported a press release in February.
“Our entry to Dubai is a milestone moment for Aldar, and we are excited about our long-term growth potential in the emirate alongside Dubai Holding, a prominent and strategic partner,” said Group CEO at Aldar Properties Talal Al-Dhiyebi, at the time.
Aldar will be in charge of the entire development cycle, including concept design, sales, delivery, and management of the developments.