Abu Dhabi’s leading developer Aldar acquires RAK’s Al Hamra Mall for $111.64mln

Abu Dhabi’s leading developer Aldar has acquired Al Hamra Mall in Ras Al Khaimah for $111.64 million, Zawya reports.
The company said in a statement it will reconfigure the 27,000 sq.m. mall, which was completed in 2009 by Ras Al Khaimah-based Al Hamra.
“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,” said Talal Al Dhiyebi, Group CEO.
“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.”

Written by