Abu Dhabi: Aldar Properties today announced a Dh500 million investment plan to redevelop two of its key retail portfolio - Al Jimi Mall in Al Ain, and Al Hamra Mall in Ras Al Khaimah, the company said in a stock exchange filing. The investment takes Aldar’s committed spend on redeveloping key retail assets to Dh1 billion.
“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,” it said. The plan aims to increase the Gross Leasable Area (GLA) 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 completed by Q1-2025.
Aldar, after acquiring Al Hamra Mall in February 2022, has initiated a redevelopment plan for the mall. The project includes refurbishing the façade, expanding the F&B offerings, and introducing more popular brands. The work is already in progress, being carried out in phases, and is expected to be completed by mid-2024.
The investment announcement comes after Yas Mall’s successful Dh500 million redevelopment plan, which transformed the mall’s client journey, operating, and financial performance. Following this success, the company plans to utilize its active asset management capabilities to replicate similar outperformance for Al Jimi Mall and Al Hamra Mall, improving their financial operating performance and asset values.
“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,” said Saoud Khoory, Chief Retail Officer at Aldar Investment. “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.”
Across the malls, guests will be welcomed in a fully upgraded façade as well as a new valet parking area and drop-off locations. The common areas will be fully refurbished, including but not limited to corridors, welcome desks, facilities, and the implementation of digital way-finding solutions, the company said.