Aldar Properties has unveiled the newly redeveloped Al Hamra Mall in Ras Al Khaimah, marking a significant milestone in its journey to redefine retail and lifestyle destinations. This transformation not only reinforces the mall’s position as a vibrant hub for shopping and dining but also demonstrates Aldar’s commitment to excellence and innovation across the UAE.
A Landmark Acquisition and Visionary Expansion
The journey began with Aldar’s first-ever investment in Ras Al Khaimah in February 2022. Through its Aldar Investment platform, the company acquired Al Hamra Mall for AED 410 million. This milestone marked Aldar’s inaugural venture outside of Abu Dhabi and set the stage for its expansion in the Northern Emirates. The acquisition included the 27,000 sqm mall and development rights for an additional 11,200 sqm of gross floor area (GFA), with the option for an extra 7,400 sqm for retail and commercial use.
This strategic investment aligns with Aldar’s growth strategy to scale its income-generating portfolio, which exceeds AED 22 billion in assets spanning residential, retail, commercial, hospitality, and education sectors. Talal Al Dhiyebi, Group Chief Executive Officer at Aldar, highlighted the significance:
“Ras Al Khaimah represents an attractive opportunity for Aldar due to the Emirate’s demographics, strong market dynamics, and tourism sector
fundamentals. This acquisition is a pivotal step in our strategy to diversify geographically and create long-term value.”
A Transformation Journey
The redevelopment of Al Hamra Mall is a testament to Aldar’s expertise in reimagining spaces. Situated in the heart of Al Hamra Village, the mall underwent a comprehensive transformation, including revamped interiors, upgraded exteriors, and the creation of an innovative Central Atrium. Designed as a multifunctional space, the atrium is perfect for service-to-table dining, events, and activations, adding vibrancy and modernity to the mall.
Jassem Busaibe, CEO of Aldar Investment, emphasized the project’s potential:
“The acquisition and redevelopment of Al Hamra Mall provided Aldar with a significant transformation opportunity. By leveraging our world-class asset management capabilities, we’ve elevated the customer experience and unlocked immense value for the community.”
Reimagining Retail in Ras Al Khaimah
With over 130 retail stores and dining outlets, including 37 new market entries, the revamped Al Hamra Mall now offers a curated mix of local and international brands. The enhancements position the mall as the go-to shopping destination for residents and tourists in the Northern Emirates.
Saoud Khoory, Chief Retail Officer at Aldar Investment, remarked:
“This redevelopment reflects Aldar’s dedication to creating world-class destinations. As Ras Al Khaimah continues to thrive as a key destination for tourism, hospitality, and residency, the mall represents our commitment to elevating community experiences and driving growth.”
Pioneering Growth in Ras Al Khaimah
The successful completion of Al Hamra Mall underscores Aldar’s vision to expand its footprint across the UAE. By investing in high-value assets like Al Hamra Mall, Aldar not only supports the Emirate’s growth strategy but also aligns with Ras Al Khaimah’s vision as a thriving retail and tourist hub.
As Aldar continues to innovate and grow, its accomplishments in Ras Al Khaimah stand as a beacon of quality, commitment, and excellence. For visitors and residents alike, Al Hamra Mall exemplifies the best of what Aldar communities have to offer—a seamless blend of world-class retail, lifestyle, and community experiences.
Explore the newly reimagined Al Hamra Mall and witness the exceptional quality and vision that Aldar brings to every development.
