Aldar Investment is embarking on a Dh500 million ($136m) plan to redevelop Yas Mall and add new stores in an effort to improve the retail experience.
The Abu Dhabi-based developer will add 100 new stores and will redesign key areas, the company said in a statement on Monday. Redevelopment work is expected to be completed in phases over the next 12 to 18 months.
“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,” Jassem Busaibe, chief executive of Aldar Investment, said.
This redevelopment is perfectly aligned with Abu Dhabi's strategic vision
Yas Mall first opened its doors in November 2014. Its redevelopment will increase the mall’s food and beverage offering by 40 per cent, with the introduction of new brands, a new food hall and outdoor terraces at the mall's North Entrance.
The Boulevard connecting Yas Mall with Ferrari World Abu Dhabi and Clymb Abu Dhabi will become the site of a new sports hub.
The mall will also welcome several international fashion brands including the first Urban Outfitters store in Abu Dhabi, Kendall & Kylie and technological footwear brand Duozoulu. A home furnishings district will also be added, introducing stores such as EBarza and Ethan Allen for the first time in Abu Dhabi.
A total of 15,000 square metres of office space will be added to Yas Mall, including the recently launched Cloud Spaces, a co-working space.
“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,” Mr Busaibe said.
Aldar Properties is the UAE's biggest listed developer with a market capitalisation of Dh29.2bn. Earlier this year, the company revamped its business model, with a group operating structure overseeing its core development and investment businesses.
Aldar Development is responsible for building out the company's 75 million sq metre land bank and oversees the company's Aldar Projects, Aldar Ventures and Aldar Egypt subsidiaries.
Aldar Investment is responsible for managing its Dh16bn portfolio of recurring income assets, including its retail, residential and commercial assets under a subsidiary known as Aldar Estates. It also oversees the company's education and hospitality businesses.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
