Abu-Dhabi-based retail estate developer Aldar has announced an AED 500 million investment plan to redevelop its two retail assets in the UAE: Al Jimi Mall in Al Ain, and Al Hamra Mall in Ras Al Khaimah.
The announcement follows its Yas Mall’s successful Dh500 million redevelopment plan, which enhanced the mall’s client journey, operating and financial performance.
Chief retail officer at Aldar Investment, Saoud Khoory, 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.”
Following its acquisition of Al Hamra Mall in February 2022, the company seeks to increase the capacities of both shopping centres to cater to new retailers, premium international brands and popular food concepts, Aldar said in a statement on Tuesday.
“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, added Mr Khoory.
“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.”
Al Jimi Mall will be expanded by 20 per cent to have a gross leasable area of 91,000 square metres. The mall will remain open to customers with the project expected to be completed by Q1 2025.
Al Hamra Mall is expected to be complete in mid-2024.
The company also will fully refurbish common areas, such as corridors, welcome desks, facilities and digital way-finding solutions.
