Abu Dhabi – Mubasher: Aldar Properties unveiled its plan to invest AED 500 million in renovating Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah, increasing the company’s commitment to AED 1 billion for the redevelopment of its important retail assets, according to a press release.
The plan for Al Jimi Mall is to raise the gross leasable area (GLA) by 20% and introduce new anchor retailers, prime international brands, and restaurant concepts. The mall will be open to the public yet the project is predicted to be finished by the first quarter (Q1) of 2025.
In February 2022, the real estate developer managed to take over Al Hamra Mall, which is being rolled out in phases and is expected to be finished in mid-2024. The redevelopment plan includes a refurbishment of the façade, expanding food and beverage (F&B) offerings, and adding more popular brands.
Meanwhile in 2021, Aldar invested AED 500 million to redevelop Yas Mall, which led to the transformation of the mall and enhanced its financial performance.
Chief Retail Officer at Aldar Investment, Saoud Khoory, commented: “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. 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.”
It is worth mentioning that in July 2023, Aldar signed a collaboration agreement valued at AED 8 billion with Abu Dhabi Housing Authority (ADHA) for a development project.
