Abu Dhabi’s leading developer Aldar has acquired Al Hamra Mall in Ras Al Khaimah for AED 410 million ($111.64 million).
The company said in a statement that the 27,000 sq.m. mall, which was completed in 2009 by Ras Al Khaimah-based Al Hamra, represented a ‘significant transformation opportunity’.
Aldar plans to reconfigure the mall, having secured development rights for another 11,200 sq.m. gross floor area, with option to expand by a further 7,400 sq.m., for retail and commercial use.
Talal Al Dhiyebi, Group CEO, 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.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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