Dubai, UAE — Aldar Properties announced Tuesday an AED500 million ($136 million) investment plan aimed at redeveloping two prominent retail assets in the UAE — Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah.
This investment forms part of Aldar’s commitment to revitalizing key retail destinations, with a total allocated spend of AED 1 billion.
The first phase of the project will focus on enhancing the customer experience and solidifying Al Jimi Mall’s position as the go-to shopping hub for both residents and visitors in Al Ain.
The redevelopment plan seeks to increase the Gross Leasable Area (GLA) by a significant 20 percent, expanding it to 91,000 square meters.
Furthermore, the mall will introduce a diverse array of new anchor retailers, premium international brands, and popular food concepts to cater to a wider audience, Aldar said.
During the redevelopment process, Al Jimi Mall will continue to welcome shoppers, with the project set to reach completion by the first quarter of 2025.
The redevelopment plan for Al Hamra Mall encompasses a facelift, a richer selection of food and beverage offerings, and the introduction of beloved brands. The refurbishment project is already underway, being executed in phases, and is on track to reach completion by mid-2024.
The decision to invest in these retail properties comes after Aldar’s AED 500 million redevelopment of Yas Mall, which was initiated in 2021.
Saoud Khoory, Chief Retail Officer at Aldar Investment, emphasized the importance of these investments: “These redevelopment plans signify our dedication to delivering long-term value and enhancing the retail landscape across the UAE.”