UAE’s Aldar increases investment in retail to $272.2mln

UAE’s Aldar increases investment in retail to $272.2mln

Abu Dhabi developer Aldar says it is to increase its investment in retail portfolio to 1 billion dirhams ($272.2 million) with a redevelopment of Al Jimi Mall, Al Ain, and Al Hamra Mall, Ras Al Khaimah.

The company said in a bourse filing to Abu Dhabi Securities Exchange (ADX) that it is planning an AED 500 million investment in the two malls, following a AED 500 million redevelopment of Abu Dhabi’s Yas Mall.

Al Jimi Mall, Al Ain, will be expanded by 20% to have a gross leasable area of 91,000 sqm, with new stores and F&B outlets, Aldar said. The mall will remain open to customers with the project expected to be completed by Q1 2025.

Al Hamra Mall, which was acquired by Aldar in February 2022, is being redeveloped in phases and is expected to be complete in mid-2024.

Saoud Khoory, chief retail officer at Aldar Investment said the Al Jimi Mall redevelopment was a game changer for the city of Al Ain, adding: “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 malls will have upgraded façades as well as a