UAE-based Aldar Investment company is redeveloping Abu Dhabi’s Yas Mall and adding new stores as part of a $136 million initiative to enhance the retail experience.
Aldar stated that it would add 100 new stores and redevelop key areas. Work on the redevelopment will be finished in stages over the next 12 to 18 months. Yas Mall was first opened in the November of 2014.
Mr. Jassem Busaibe Chief Executive Officer Aldar Investment remarked that “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.”
With the addition of new brands, a new food hall, and outdoor terraces at the mall’s North Entrance, the redevelopment would increase the mall’s food and beverage offering by 40 percent. A new sports hub will be built on the Boulevard that connects Yas Mall to Ferrari World Abu Dhabi and Clymb Abu Dhabi.
Several international fashion brands will be welcome at the mall, including the first Urban Outfitters store in Abu Dhabi, Kendall & Kylie, and Duozoulu, a technological footwear brand.
A home furnishings district will be added, taking stores like EBarza and Ethan Allen to Abu Dhabi for the first time. Yas Mall will gain a total of 15,000 square meters of office space, including the newly opened Cloud Spaces co-working space.
Mr. Busaibe pointed out that “this redevelopment is perfectly aligned with Abu Dhabi’s strategic vision to reinforce the capital’s position as a favorable destination for business, tourism, and living.”
With a market capitalization of $7.9 billion, Aldar Properties is the UAE’s biggest listed traded developer. The company revamped its business model earlier this year, establishing a group operating structure to manage its core growth and investment businesses.
Aldar Development manages the company’s Aldar Projects, Aldar Ventures, and Aldar Egypt subsidiaries and is in charge of expanding the company’s 75 million square meter land bank.
Aldar Estates, a subsidiary of Aldar Investment, is in charge of managing the company’s $4.3 billion portfolios of recurring income assets, which includes retail, residential, and commercial properties. It is also in charge of the company’s educational and hospitality businesses.