Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    CX Today Announces the Acquisition of MyCustomer

    November 30, 2023

    GMW TANK 500 Shows its Off-road Ability with Desert Adventure in Middle East

    November 30, 2023

    Ruavieja brings you another moving Christmas campaign

    November 30, 2023
    Facebook X (Twitter) Instagram
    Oman News HubOman News Hub
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Oman News HubOman News Hub
    Home » Aldar Properties acquires Al Hamra Mall for AED410 million
    Business

    Aldar Properties acquires Al Hamra Mall for AED410 million

    February 1, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email
    Aldar Properties PJSC (Aldar), through its Aldar Investment business, has made its first investment in Ras Al Khaimah, acquiring the 27,000 sqm Al Hamra Mall developed by Al Hamra, a Ras Al Khaimah based real estate development and investment company, for a total consideration of AED410 million. The transaction adds further scale and diversification to Aldar Investment, which manages more than AED22 billion of income-generating residential, retail, commercial, hospitality and education assets.
    Aldar Properties acquires Al Hamra Mall for AED410 million

    Aldar Investment plans to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the customer experience to drive sales and footfall growth. As part of the agreement, Aldar has also secured development rights for an extra 11,200 sqm of gross floor area (GFA), with an option to acquire an additional 7,400 sqm for retail and commercial use.

    Commenting on the transaction, Talal Al Dhiyebi, Group Chief Executive Officer at 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. Through the Aldar Investment platform, we are assessing opportunities to deploy further capital into new geographies and property types as part of an overarching growth strategy. This initial transaction is very much in line with our plans to leverage Aldar Investment’s strengths to grow, diversify further, and create significant value for our shareholders.”
    Al Hamra is focused on providing premier lifestyle real estate developments, and has significant investments in the retail, hospitality and leisure sectors in Ras Al Khaimah. In line with the Emirate’s growth strategy, Al Hamra has been instrumental in shaping the property landscape through its high-profile developments and world class services.
    Benoy Kurien, Chief Executive Officer of Al Hamra Group, said, “Al Hamra Mall is one of the flagship retail and leisure destinations in Ras Al Khaimah and the Northern Emirates. We created a high-value asset which is now being further enhanced by Aldar through its strategic investment. This reflects the tremendous potential of Ras Al Khaimah as a retail and tourist hub that can attract significant inward investments, and the farsighted vision of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, in developing iconic projects that serve the community. We welcome Aldar to Ras Al Khaimah.”
    Completed in 2009 by Al Hamra, a Ras Al Khaimah based real estate development and investment company, Al Hamra Mall is the area’s dominant shopping destination. The property benefits from a populous catchment area, with growth potential from tourism as well as residential and hospitality development around Al Hamra Village, Al Marjan island and surrounding areas.
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    Sony Interactive Entertainment to face $8 billion lawsuit over PlayStation Store pricing

    November 25, 2023

    Gold nears $2,000 as Fed rate hike pause boosts appeal

    November 22, 2023

    SMBC Aviation Capital’s bold $3.4 billion investment in Airbus A320neo fleet

    November 21, 2023

    Alibaba’s cloud business U-turn triggers $20 billion market fallout

    November 18, 2023

    Chinese generosity unmasked as Pakistan drowns in stealth debt

    November 9, 2023

    WeWork’s financial freefall from $47 billion to bankruptcy

    November 9, 2023
    Latest News
    Travel

    Air Arabia broadens horizons with direct flights to Phuket

    November 29, 2023

    In a significant expansion of its flight network, Air Arabia, the premier low-cost carrier in the…

    Etihad Airways elevates Grand Prix with spectacular 20th anniversary fly-past

    November 29, 2023

    The surprising role of amino acids in weight management

    November 29, 2023

    Maximizing your diet with prunes and plums

    November 28, 2023

    Ranbir Kapoor’s Animal set to roar at the box office with record advance bookings

    November 27, 2023

    Weekend workouts equally effective as daily routines, new study finds

    November 27, 2023

    Antarctica’s melting ice highlights urgency of climate action, says UN Secretary-General

    November 27, 2023

    Space travel’s hidden risks include erectile dysfunction and frost damage challenges

    November 25, 2023
    © 2021 Oman News Hub | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.