Aldar increases investment in retail portfolio to $272m

UAE’s Aldar Properties has unveiled a $136m (Dhs500m) investment plan to redevelop the Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah – two of the property firm’s key retail portfolio assets in the country.

The investment takes Aldar’s committed spend on redeveloping key retail assets to Dhs1bn.

The property firm 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 by 20 per cent 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 the 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 completion of Yas Mall’s Dhs500m redevelopment plan unveiled in 2021, which resulted in the transformation of the mall from a client journey, operating and financial performance perspective.

As with Yas Mall, Aldar will leverage its 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.

“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,” said Saoud Khoory, chief retail officer at Aldar Investment.

“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.”

Aldar enhances customer journey

Aldar said customers will be welcomed in a fully upgraded façade as well as a new valet parking area and drop-off locations across the malls.

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. Aldar completed a major expansion and introduced a retail park in 2019, 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.

Similarly, 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 Dhs410m in February 2022.

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