Abu Dhabi's biggest developer, Aldar Properties, has announced plans to invest Dh500 million ($136 million) to revamp two of its malls in the UAE, bringing its total committed spend on redeveloping retail assets to Dh1 billion ($272 million).
The company has approved a redevelopment plan for Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah, it said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The plan comes after Aldar completed the Dh500 million redevelopment of Yas Mall, announced in 2021, which resulted in the "successful transformation of the mall from a client journey, operating and financial performance perspective", it said.
“Our investments in Al Jimi Mall and Al Hamra Mall enable us to cater to evolving customer needs and create vibrant retail destinations for all, in line with global retail trends," said Saoud Khoory, chief retail officer at Aldar Investment.
"The redevelopment plan for Al Jimi Mall is a game changer for the retail scene in Al Ain and helps us deliver long-term value for the community.
"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 investments "further solidify Aldar’s commitment to enhance its retail portfolio", he added.
The plan for Al Jimi Mall, Al Ain’s first shopping and entertainment centre, aims to increase the gross leasable area by 20 per cent to 91,000 square metres and introduce new anchor retailers, premium international brands and popular food concepts.
The mall will remain open to visitors with the project expected to be fully completed by the first quarter of 2025.
It comes after Aldar completed a major expansion at the mall in 2019, 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 dining outlets.
Al Hamra Mall, which has more than 130 international and local brands and restaurants, was acquired by Aldar for Dh410 million in February 2022.
The redevelopment plan will include refurbishment of the facade, expanded food and beverage offerings, and the introduction of additional brands.
Work is already under way, with the project being tackled in phases. It is set to be completed in mid-2024.
The acquisition of Al Hamra Mall was Aldar’s first investment outside Abu Dhabi.
The company, through its investment platform, is assessing opportunities to invest more capital in new locations and property types as part of an overarching growth strategy, Talal Al Dhiyebi, group chief executive at Aldar, said at the time.
In March, Aldar teamed up with Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, to jointly develop commercial assets on Al Maryah Island in Abu Dhabi.
The developer plans to launch a dozen new projects this year and will continue to look for acquisitions to boost its portfolio, Jonathan Emery, chief executive of Aldar Development, told The National in January.
Major developments announced by Aldar in the past year include Yas Gate, Saadiyat Lagoons, the Grove District on Saadiyat Island and Louvre Abu Dhabi Residences.
