Aldar Properties (“Aldar”) announced a plan to invest AED 500 million in the redevelopment of Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah, two of its most important retail portfolio properties in the UAE. With this investment, Aldar has now committed AED 1 billion toward the redevelopment of important retail properties.
To improve the customer experience and solidify its position as the mall of choice for locals and tourists in Al Ain, the business has approved a refurbishment plan for Al Jimi Mall.
The initiative intends to add new anchor shops, upscale international brands, and well-liked restaurant concepts while increasing the Gross Leasable Area (GLA) by 20% to 91,000 sqm. Customers can still visit the mall, and the renovation is anticipated to be finished in full by Q1 2025.
Aldar’s redevelopment plan for the mall reimagines its spaces through a refurbishing of the façade, enhanced F&B options, and the introduction of more well-known brands after a successful acquisition of Al Hamra Mall in February 2022. The project is already underway, is being implemented in stages, and is anticipated to be finished in the middle of 2024.
The investment announcement comes after Yas Mall’s AED 500 million reconstruction plan, which was first announced in 2021 and concluded in 2022, successfully transformed the mall from the perspectives of customer experience, operational efficiency, and financial performance.
By improving the financial operating performance and ultimately the asset values of Al Jimi Mall and Al Hamra Mall, the company will use its superior active asset management capabilities to replicate the outperformance seen at Yas Mall.
Announcing the investment plans, Saoud Khoory, Chief Retail Officer at Aldar Investment, 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. 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 and continue developing world-class shopping, dining, and entertainment destinations across the UAE.”
Visitors will be welcomed in a completely refurbished façade, as well as a new valet parking space and drop-off sites, across the malls. The common areas, which include but are not limited to hallways, welcome desks, facilities, and the application of digital way-finding systems, will also be totally renovated to create a seamless experience.
Al Jimi Mall, the first shopping and entertainment complex in Al Ain, provides visitors with a wide selection of major brands under one roof in Garden City. Aldar undertook a significant expansion in 2019 and added a retail park, increasing the mall’s number of stores to more than 200 and adding an eight-screen VOX cinema as well as a number of food options.
One of Ras Al Khaimah’s most popular malls, Al Hamra Mall is situated in the residential area of Al Hamra Village and offers customers over 130 local and international brands as well as distinctive dining options. Aldar purchased the mall in February 2022 for AED 410 million.