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.
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.