Aldar Properties enters Ras Al Khaimah with Dhs410m acquisition of Al Hamra Mall

Abu Dhabi-headquartered Aldar Properties (Aldar) has acquired the 27,000 sqm Al Hamra Mall in Ras Al Khaimah from its developers Al Hamra for Dhs410m.

Undertaken through its Aldar Investments business, it is Aldar’s first project within Ras Al Khaimah.

The Al Hamra group meanwhile has significant investments in the retail, hospitality and leisure sectors in Ras Al Khaimah. Completed in 2009, the Al Hamra Mall is the emirate’s prominent shopping destination. It has a catchment area, with growth potential from tourism as well as residential and hospitality developments around Al Hamra Village, Al Marjan island and its surrounding areas.

Aldar Investment plans to invest to reconfigure the mall and broaden its offerings, introducing new brands, to drive sales and footfall. As part of the agreement, Aldar has also secured development rights for an extra 11,200 sq m of gross floor area (GFA), with an option to acquire an additional 7,400 sq m for retail and commercial use.

“As the UAE retail sector continues its robust recovery from the global pandemic, the acquisition of Al Hamra Mall provides Aldar Investment with a significant transformation opportunity in a key development zone in Ras Al Khaimah,” said Jassem Busaibe, CEO at Aldar Investment.

“Our business has proven remarkably resilient in the challenging environment of the last two years, continuing to deliver steady recurring income. We are therefore in a strong position to expand through acquisitions such as this and deploy our world-class asset management capabilities to deliver significant upside in terms of valuation and income.”

Aldar Investment manages more than Dhs22bn of residential, retail, commercial, hospitality and education assets.

In January, Alpha Dhabi Holding (ADH) announced the acquisition of an additional 17 per cent shareholding of Aldar Properties. The acquisition will increase Alpha Dhabi Holding’s shares in Aldar Properties to 29.8 per cent, making it one of the largest shareholders.

Read: Alpha Dhabi Holding raises stake in Aldar Properties to 30%