Aldar increases investment in retail portfolio to $272m

Aldar increases investment in retail portfolio to $272m

Image courtesy: WAM

UAE’s Aldar Properties has unveiled a $136m (Dhs500m) investment plan to redevelop the Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah – two of the property firm’s key retail portfolio assets in the country.

The investment takes Aldar’s committed spend on redeveloping key retail assets to Dhs1bn.

The property firm 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 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 fully completed by Q1 2025.

Following the 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 the introduction of additional well-loved brands. With work already underway, the project is being rolled out in phases and is set to be completed in mid-2024.

The investment announcement follows the completion of Yas Mall’s Dhs500m redevelopment plan unveiled in 2021,