Aldar Properties Announces $131 Million Investment to Rebuild Al-Jimi Mall and Al-Hamra Mall in the UAE
Aldar Properties has announced a $131 million investment plan to redevelop two of its key retail assets in the UAE, Al-Jimi Mall and Al-Hamra Mall.
The plan aims to enhance the customer experience and solidify the malls' positions as top choices for residents and visitors in Al-Ain and Ras Al-Khaimah.
At Al-Jimi Mall, the redevelopment will increase the gross leasable area by 20% to 91,000 square meters, attracting new retailers, international brands, and popular food concepts.
The mall will remain open to customers until the redevelopment is completed in 2025.
Meanwhile, Al-Hamra Mall in Ras Al-Khaimah will undergo a transformation, expanding its food and beverage services and adding new brands.
The project is expected to be completed in mid-2024.
This investment follows the $500 million redevelopment plan announced for Yas Mall in 2021 and underscores Aldar Properties' commitment to enhancing its retail portfolio and developing world-class shopping, dining, and entertainment destinations across the UAE.
"Our investments in Al-Jimi Mall and Al-Hamra Mall 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 solidify Aldar's commitment to enhance its retail portfolio and continue developing top-quality shopping, dining, and entertainment destinations across the UAE."
At Al-Jimi Mall, the redevelopment will increase the gross leasable area by 20% to 91,000 square meters, attracting new retailers, international brands, and popular food concepts.
The mall will remain open to customers until the redevelopment is completed in 2025.
Meanwhile, Al-Hamra Mall in Ras Al-Khaimah will undergo a transformation, expanding its food and beverage services and adding new brands.
The project is expected to be completed in mid-2024.
This investment follows the $500 million redevelopment plan announced for Yas Mall in 2021 and underscores Aldar Properties' commitment to enhancing its retail portfolio and developing world-class shopping, dining, and entertainment destinations across the UAE.
"Our investments in Al-Jimi Mall and Al-Hamra Mall 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 solidify Aldar's commitment to enhance its retail portfolio and continue developing top-quality shopping, dining, and entertainment destinations across the UAE."
