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Investing 500 million dirhams in renovating Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah.
Abu Dhabi, July 25 / Aldar Properties “Aldar” announced today its intention to invest 500 million dirhams to renovate two of its most prominent shopping centers, which are Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah, thus raising Aldar’s spending on renewing its main assets from retail destinations to 1 billion dirhams.
The company approved the Al Jimi Mall renovation plan to improve customer experience and enhance the center’s position as the preferred shopping destination for residents and visitors of Al Ain. The plan aims to increase the gross leasable area by 20% to reach 91,000 square metres, and to offer a variety of leading retail stores, international brands, and popular restaurant concepts and experiences. The mall’s doors will remain open to customers in conjunction with the renovation work, which is expected to be completed by the first quarter of 2025.
After its acquisition of Al-Hamra Mall in February 2022, the house is working on redesigning its spaces by renewing its external facade, expanding the options of restaurants and cafes, and introducing more famous brands.
The announcement of the new investment follows the successful completion of the AED 500 million Yas Mall refurbishment plan announced in 2021, which has resulted in a significant transformation in the customer experience, as well as improved operational and financial performance.
The company will benefit from its great capabilities and experience in managing its active assets to replicate the superior performance witnessed by Yas Mall by enhancing net operating income and operational performance, which will reflect positively on the value of the assets of Al Jimi Mall and Al Hamra Mall.
Saud Khoury, CEO of Retail Assets at Aldar Investments, said: “Our investments in Al Jimi Mall and Al Hamra Mall will enable us to keep pace with the changing demands of customers by providing vibrant shopping destinations that are in line with the global trends in the retail sector.
He added, “We are also pleased to allocate more investments in Ras Al Khaimah to keep pace with the emirate’s strong growth as a distinguished destination for hospitality, tourism and living. Moreover, these two investments reflect Aldar’s commitment to strengthening its portfolio of retail assets and continuing to develop world-class shopping and entertainment destinations across the Emirates.”
The announcement of the new investments follows the completion of the AED 500 million renovation plan for Yas Mall, which was announced in 2021. The company implemented a comprehensive renovation plan for the shopping center and established it as a focal point of attraction on Yas Island, which is one of the fastest growing residential and entertainment destinations in Abu Dhabi.
