Aldar completes first investment in Ras Al Khaimahnbsp;

Aldar completes first investment in Ras Al Khaimahnbsp;

Abu Dhabi, UAE: Aldar Properties PJSC (“Aldar”), through its Aldar Investment business, has made its first investment in Ras Al Khaimah, acquiring the 27,000 sqm Al Hamra Mall developed by Al Hamra, a Ras Al Khaimah based real estate development and investment company, for a total consideration of AED 410 million.

The transaction adds further scale and diversification to Aldar Investment, which manages more than AED 22 billion of income-generating residential, retail, commercial, hospitality and education assets.

Aldar Investment plans to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the customer experience to drive sales and footfall growth. As part of the agreement, Aldar has also secured development rights for an extra 11,200 sqm of gross floor area (GFA), with an option to acquire an additional 7,400 sqm for retail and commercial use.

Commenting on the transaction,Talal Al Dhiyebi, Group Chief Executive Officer at Aldar said: “Ras Al Khaimah represents an attractive opportunity for Aldar, due to the Emirate’s demographics, strong market dynamics, and tourism sector fundamentals. It has emerged from the pandemic as a key investment destination within the UAE and we look forward to growing our presence over time. Through the Aldar Investment platform, we