Aldar increases investment in its retail portfolio to AED 1 Billion

Aldar Properties, known as Aldar, has unveiled a comprehensive investment plan of AED 500 million for the redevelopment of two pivotal assets within its UAE retail portfolio: Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah. This substantial commitment brings Aldar's total investment in essential retail properties to AED 1 billion.

In its pursuit of enhancing the visitor experience and solidifying its status as the preferred shopping destination for both locals and tourists in Al Ain, Aldar has approved an extensive refurbishment program for Al Jimi Mall. The initiative is set to introduce new anchor stores, upscale international brands, and popular restaurant concepts, while expanding the Gross Leasable Area (GLA) by 20% to reach 91,000 sqm. Throughout the renovation, the mall will remain accessible to customers, with the project anticipated to be fully completed by Q1 2025.

Aldar's vision for the mall's redevelopment encompasses an updated façade, enriched dining options, and the inclusion of renowned brands following its successful acquisition of Al Hamra Mall in February 2022. This project is already underway, being executed in phases and expected to conclude in mid-2024.

This investment announcement follows the successful AED 500 million reconstruction plan for Yas Mall, initiated in 2021 and completed in 2022, which transformed the mall in terms of customer experience, operational efficiency, and financial performance.

By enhancing the financial performance and, consequently, the asset values of Al Jimi Mall and Al Hamra Mall, Aldar will leverage its proficient active asset management capabilities to replicate the success seen at Yas Mall.

Saoud Khoory, Chief Retail Officer at Aldar Investment, commented on the investment plans, stating, "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 enhancing its retail portfolio and continuing to develop world-class shopping, dining, and entertainment destinations across the UAE."

Visitors to both malls can anticipate a completely revamped façade, in addition to new valet parking facilities and drop-off points. Furthermore, the malls' common areas, including hallways, welcome desks, facilities, and the implementation of digital way-finding systems, will undergo comprehensive renovations to ensure a seamless and immersive visitor experience.

Al Jimi Mall, the inaugural shopping and entertainment complex in Al Ain, offers a diverse array of major brands all under one roof in the Garden City. In 2019, Aldar executed a significant expansion, incorporating a retail park and increasing the mall's store count to over 200, along with introducing an eight-screen VOX cinema and various dining options.

Al Hamra Mall, one of Ras Al Khaimah's most esteemed shopping destinations, is nestled within the residential enclave of Al Hamra Village. It boasts an extensive selection of over 130 local and international brands, as well as distinctive dining choices. Aldar acquired the mall in February 2022 for AED 410 million.