Aldar Properties, through its Aldar Investment business, has acquired the 27,000sq m Al Hamra shopping Mall in a $112M deal.
According to the company, the transaction adds further scale and diversification to Aldar Investment, which manages more than AED 22bn of income-generating assets across sectors including residential, retail, commercial, hospitality and education.
Aldar Investment intends to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the overall customer experience, thus in turn driving sales and footfall growth. Meanwhile, as part of the agreement, Aldar has secured development rights for an extra 11,200sq m GFA, with an option to acquire a further 7,400sq m for retail and commercial use.
Talal Al Dhiyebi, Group CEO, Aldar, said: “Ras Al Khaimah represents an attractive opportunity for Aldar, due to the emirate’s demographics, strong market dynamics, and tourism sector fundamentals. It has emerged from the pandemic as a key investment destination within the UAE and we look forward to growing our presence over time.”
