Friday, Oct 21, 2011
Gulf News
Abu Dhabi Five key UAE retail groups will open their trademark outlets at Yas Mall scheduled to be completed by the end of 2013, according to an announcement by Abu Dhabi-based real estate developer Aldar Properties.
Aldar’s statement said the five groups are the Landmark Group, Dubai Holding, M.H. Alshaya Co, RSH (Middle East) LLC and Liwa Trading Enterprises.
Aldar said 40 per cent of Yas Mall has been booked so far and two other major groups will be joining soon.
“Ikea was the first, joining Yas Mall earlier in 2011, and ACE Hardware and Geant Hypermarket are expected to come in soon,” said Mohammad Al Mubarak, Deputy CCO at Aldar.
“The mall is a new experience in Abu Dhabi and it will transform the retail experience and tradition,” added Al Mubarak.
Turning point
Fred Douglas, director of retail leasing at Aldar, said: “The mall is a turning point in the retail market in the emirate of Abu Dhabi.
“The design for Yas Mall combines critical commercial success factors from the world’s best retail destinations to help create a destination that re-defines the modern shopping centre in the Middle East,” added Douglas.
According to Aldar’s statement: “Yas Mall will feature 235,000 square metres of retail trading area, housing a hypermarket, concept stores, high street and high-end fashion outlets, a multiplex cinema and family entertainment centres, as well as many of the world’s leading retail, restaurant and leisure brands.”
Boost to trade
Craig Plumb, director of research for Jones Lang LaSalle, told Gulf News that Yas Mall is a major project that will help boost trade activities in the emirate.
“Abu Dhabi is still underprovided and Yas Mall will help boost retail activities,” Plumb said.
Many Abu Dhabi residents drive to Dubai to shop and this mall will save them time and effort due to its proximity, Plumb said.
He noted that Abu Dhabi’s current total retail space is 1.6 million square metres.
However, 900,000 square metres will be added over the next three years.
Masoud Al Awar, CEO of Tasweek, told Gulf News that the “mall will create many job openings in the emirate of Abu Dhabi and will help boost commercial activities”.
On Sunday, Egypt’s Orascom Construction (OCI) signed a five year main construction contract for Yas Mall worth Dh2.1 billion with Aldar.
Yas Mall’s 235,000 square metres of retail trading area has been designed as a series of neighbourhoods, combined with the look and detail of the world’s most exciting shopping streets and civic spaces.
Yas Mall will also be connected to Ferrari World Abu Dhabi, the world’s first Ferrari theme park, via the Welcome Pavilion and Cascade Walk.
With direct road links to Abu Dhabi, Dubai, Al Ain and the surrounding residential communities, and dedicated junctions to take visitors directly to the covered 10,000-car parking area, as well as a mass transit system planned for the area, Yas Mall is being seen as one of the most accessible retail centres in the region.
By Shehab Al Makahleh?Staff Reporter
Gulf News 2011. All rights reserved.
