Aldar Properties has acquired Al Hamra Mall in Ras Al Khaimah for AED 410 million, marking its first investment outside Abu Dhabi, with plans for significant expansion and transformation of the asset.

Information on the Target

Aldar Properties PJSC has successfully acquired Al Hamra Mall, a prime retail destination in Ras Al Khaimah, for AED 410 million. Spanning a total area of 27,000 square meters, the mall was developed by Al Hamra, a locally based real estate developer. This acquisition marks Aldar's first foray beyond Abu Dhabi and signifies a strategic expansion into the rapidly growing Ras Al Khaimah market.

Al Hamra Mall is recognized as the leading shopping and leisure venue in the Northern Emirates. With a variety of retail and entertainment options, the mall has established a strong presence in the region. Additionally, Aldar has secured development rights for an extra 11,200 square meters of gross floor area, with the possibility of acquiring an additional 7,400 square meters for retail and commercial purposes, presenting a significant opportunity for further enhancement and growth.

Industry Overview in Ras Al Khaimah

The retail sector in Ras Al Khaimah is poised for considerable growth, driven by increasing tourism and a rising population. Despite challenges posed by the global pandemic, the emirate has shown resilience and