The investment will increase the company’s retail portfolio to $273m
Aldar Properties has announced a plan to redevelop two of its retail assets in the UAE. The AED500m ($136m) investment plan includes the redevelopment of Al-Jimi Mall in Al-Ain, Abu Dhabi, and Al-Hamra Mall in Ras al-Khaimah.
The redevelopment plan includes expanding and refurbishing asset facilities including existing retail stores, and diversifying food and beverage offerings.
The redevelopment plan for Al-Jimi Mall will increase the gross leasable area by 20 per cent to 91,000 square metres.
The mall will remain open to customers and the project is expected to be fully completed by the first quarter of 2025.
Following the acquisition of Al-Hamra Mall in February 2022, Aldar’s redevelopment plan for the mall includes the refurbishment of its facade, new food and beverage offerings, and the upgrade of other facilities. With work already under way, the project is being rolled out in phases and is set to be completed in mid-2024.
Aldar’s redevelopment plan follows its recent investment of AED500m ($136m) in transforming Yas Mall in Abu Dhabi.
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