Aldar unveils $136m plan to revamp UAE shopping malls

Aldar

• Abu Dhabi developer committing AED1 bn in total on revamping assets
• Leasable area in Al Jim Mall will increase by 20% to 91,000 sq m
• Al Hamra Mall in Ras Al Khaimah to be refurbished by mid-2024

Aldar Properties announced an AED500 million ($136 million) investment plan on Tuesday 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 AED1 billion, the Abu Dhabi-based developer said in a filing to the local stock exchange.

The company has approved a redevelopment plan for Al Jimi Mall which aims to increase the gross leasable area by 20 percent to 91,000 sq m and introduce new anchor retailers, premium international brands and popular food concepts. 

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The mall will remain open to customers during the work, and the project is expected to be completed by early 2025.

Following the acquisition of Al Hamra Mall for AED410 million in February 2022, Aldar is planning a refurbishment of the façade of the 130-store mall, expanded F&B offerings and the introduction of additional brands.

The project is being rolled out in phases and is set to be completed in mid-2024.

Saoud Khoory, chief retail officer at Aldar Investment, described the plan for Al Jimi Mall as a “game changer for the retail scene in Al Ain”.

“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,” he said. 

“Both investments further solidify Aldar’s commitment to enhance its retail portfolio and continue developing world-class shopping, dining, and entertainment destinations across the UAE,” he added.

In 2019, Aldar completed a major expansion of Al Jimi Mall and introduced a retail park, which doubled the mall’s store count to more than 200 in addition to an eight-screen Vox cinema and a variety of dining outlets.

Aldar Development is the master developer of communities including Yas Island, Saadiyat Island, Al Raha and Reem Island in the UAE capital.