Aldar increases investment in its retail portfolio to AED 1bln with new redvelopment plans

Aldar increases investment in its retail portfolio to AED 1bln with new redvelopment plans

- Redevelopment plans to redefine the retail experience for customers, expand and refurbish existing retail stores, and diversify brand and F&B offerings

- Increased investment follows the recent completion of AED 500 million redevelopment plan to transform Yas Mall Abu Dhabi

Abu Dhabi, UAE – Aldar Properties (“Aldar”) today announced an AED 500 million investment plan to redevelop two of its key retail portfolio assets in the UAE: Al Jimi Mall in Al Ain, and Al Hamra Mall in Ras Al Khaimah. The investment takes Aldar’s committed spend on redeveloping key retail assets to AED 1 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. The plan aims to increase the Gross Leasable Area (GLA) by 20% 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 a successful 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