AED 500 million redevelopment plan unveiled to redefine retail experience at Yas mall

• Repurpose 40% gross leasable area to create high impact experiential retail, F&B, and office spaces
• Introduce 100+ new stores and innovative concepts that will enrich the retail experience and cater to evolving customer needs
• Reduce carbon footprint by 59 tons per year and improve the mall’s recycling rate to 40%
• Plan to be completed in phases over 12-18 months, with works commencing in March 2021

Abu Dhabi, UAE: Aldar Investment today announced a AED 500 million redevelopment plan for Yas Mall to reinforce the asset’s position as the centrepiece of Yas Island, Abu Dhabi’s fast-growing residential and leisure destination.

The substantial investment will enhance the customer journey by reimagining the mall’s spaces and introducing new innovative retail concepts. The redevelopment will further enable Aldar Investment to deliver a unique and diversified offering to tenants and customers by repurposing 40 percent of its gross leasable area to high impact experiential retail, F&B, and co-working office spaces. Work on key areas of the mall is already underway and will be completed in phases over 12-18 months.

Despite the unprecedented challenges presented by the pandemic, Aldar has maintained steady footfall across its retail portfolio, while upholding the health and safety of its employees, customers, retailers, and the communities it serves.

Announcing the plan, Jassem Busaibe, Chief Executive Officer, Aldar Investment, said, “Since opening its doors over six years ago, Yas Mall has become Abu Dhabi’s leading retail and leisure destination. Our transformational plan for the mall is in anticipation of evolving customer needs and in line with developing retail trends globally. The project will deliver a new and diversified offering to enrich the customer experience. 

“We are also future-proofing a key asset that is at the heart of Yas Island and its many world-class attractions, drawing in more local and international visitors. It will also allow us to serve new communities growing around Yas Mall. This redevelopment is perfectly aligned with Abu Dhabi’s strategic vision to reinforce the capital’s position as a favourable destination for business, tourism, and living,” Busaibe added.

The redevelopment will expand the mall’s F&B offering by 40 percent, introducing a variety of F&B brands in addition to a new food hall and outdoor terraces to be located at the North Entrance, which will include a wide mix of local and international brands. Situated in the heart of Yas Mall, the revamped Town Square will offer an alfresco inspired dining experience with clear views of events and activations.  

The Boulevard connecting Yas Mall with Ferrari World Abu Dhabi and CLYMB Abu Dhabi will become an all-new sports hub, showcasing the world’s best sports brands with five unique concept and experiential stores.

The plan will increase the health, beauty, and jewellery categories, and the mall will welcome several international fashion brands including the first Urban Outfitters store in Abu Dhabi, Kendall & Kylie and technological footwear brand Duozoulu. Yas Mall will add a home furnishings district, introducing stores such as EBarza and Ethan Allen for the first time in Abu Dhabi. New flagship stores will also be introduced, offering unique brand experiences and showcasing the latest trends.

The redevelopment will add a total of 15,000 sqm of office space to Yas Mall. This includes the recently launched Cloud Spaces, a co-working space designed as a differentiated business concept, which marks the first milestone in the redevelopment.

The project will improve the customer journey within the mall, supported by the introduction of ‘way-finding’ technologies as well as an interactive digital art screen which will replace the Water Fountain in Town Square. There will also be a refurbishment of the parking areas, entrances, and welcome desks to further enhance the customer experience.

As part of Yas Mall’s commitment to the environment, it is introducing a customised composter transforming food waste to biosoil that will be used in 115,000 sqm of the mall’s landscape. In addition, 60,000 lamps will be replaced with LED lighting across the mall. These changes will reduce Yas Mall’s carbon footprint by 59 tons per year and improve the mall’s recycling rate from 30 percent to 40 percent. As part of Aldar Investment’s commitment to the community, the redevelopment plan will include additional features to make the mall fully accessible to People of Determination. Yas Mall was recently awarded a Certificate of Gold by The World Disability Union to honour disability-friendly organisations.

Yas Island continues to enhance its position as the leading leisure and entertainment destination with the introduction of SeaWorld Abu Dhabi, which will complement existing destinations on the island including Warner Brothers World Abu Dhabi, Yas Waterworld, Yas Beach, and Yas Links Golf Course. Hilton Abu Dhabi Yas Island hotel in Yas Bay has just opened its doors last month and the island will also be home to the highly anticipated Warner Bros Abu Dhabi hotel this year.

Yas Island is already home to a variety of Aldar residential communities including Noya, Water’s Edge, Ansam, West Yas, Yas Acres, and Mayan. By the end of 2021, the total number of residential units at Yas Island and Al Raha Beach will be 15,000 units, and Yas Mall will be within 10 minutes’ driving distance for more than 50,000 people.

As one of Abu Dhabi’s most sought-after destinations, Yas Island continues to evolve as a premium destination to live, work and play. The island will soon welcome Abu Dhabi Media Zone’s new twofour54 campus adding another creative dimension and significant weekday footfall, with the redeveloped Yas Mall set to meet the demands of a diverse range of customers: residents, professionals, tourists, and visitors from across the UAE and the world.

-Ends- 

For further information, please contact:
Media
Obaid Al Yammahi
Aldar Properties
+971 2 810 5555 

Joudi Issa
Brunswick
+971 2 234 4600
ALDAR@brunswickgroup.com 

About Aldar

Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.

Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 65 million sqm land bank and includes three businesses: Aldar Projects, which manages Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.

Aldar Investment houses Aldar’s core asset management business comprising an AED 16 billion portfolio of investment grade and income-generating real estate assets diversified across retail, residential and commercial segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, including Aldar Academies, the leading education group in Abu Dhabi, with 20 schools, over 24,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.

Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat. It includes Aldar’s portfolio of 10 hotels, comprising over 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.

Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.

For more information on Aldar please visit www.aldar.com 

© Press Release 2021