21 Feb 2022

Category: News  

Al Hamra divests Al Hamra Mall to Aldar Properties for AED 410 million


Al Hamra divests Al Hamra Mall to Aldar Properties  for AED 410 million

  • Sale of flagship asset is a testament to company’s track-record of creating high-value retail assets that have potential to attract investments into the Emirate of Ras Al Khaimah
  • Capital unlocked to be utilised for next phase of Al Hamra Master Plan Development focused on reimagining a premier lifestyle experience (through beach resorts and waterfront residential projects) in line with its Vision 2025

Al Hamra, the leading real estate development and investment company in Ras Al Khaimah, has divested one of its flagship retail assets, the Al Hamra Mall to Aldar Properties PJSC (“Aldar”), for a consideration of AED 410 million. Al Hamra Mall is spread across G+1 floors and offers an area of 27,000 sq. mt and caters to both residents and tourists.  

This reflects Al Hamra’s track record of creating high-value real estate assets at key locations in the Emirate of Ras Al Khaimah which have the potential to attract inbound investments from reputed investors and developers.

Benoy Kurien, Group Chief Executive Officer, Al Hamra, said: “Led by the various drivers that boost the economic potential of Ras Khaimah, it is natural for external businesses to consider making investments into the emirate. As the creator of premier lifestyle experiences in the Northern and the leading developer of Ras Al Khaimah that has shaped the Emirate’s urban landscape, we welcome strategic investments that will further add value to the economy."

“Our assets stand out for their quality and location, the business resilience, especially proven following the pandemic, the growth and development opportunities that exist across the emirate, and a healthy appetite displayed by investors towards new offerings and enhancements. Aldar’s investment in the Emirate’s thriving retail industry will contribute to further enhancing the lifestyle, hospitality and retail experiences for the community, which will also add to the Emirate’s destination appeal.

“Aldar’s investment reiterates that Ras Al Khaimah offers an attractive business environment, and an open, transparent operating environment that enables the growth and development of all investors led by the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah. This will further position Ras Al Khaimah in the global spotlight and create even more investment opportunities in diverse sectors,” he added.

JSquare Capital served as transaction advisors to Al Hamra, and DWF Middle East was the legal advisors.

Ras Al Khaimah has multiple indicators that amplifies its reputation as a viable investment destination within the UAE. The elements of livability, safety, overall environment, and diversity in population are natural considerations. Quality and affordable infrastructure are also powerful drivers, coupled with project development opportunities and healthy returns. The Emirate also offers a balance between scalability, risk management and profitable return on investments. 

Al Hamra’s aim is to bring the best-in-class lifestyle, retail, hospitality, and leisure experiences to the Emirate for residents and tourists alike, through new developments, investments, divestments, and collaborations with international service providers. Al Hamra has a varied portfolio of iconic projects including the award winning Al Hamra Village, Waldorf Astoria, Ras Al Khaimah, Ritz Carlton Ras Al Khaimah Al Hamra Beach, Al Hamra Village and Residence, Manar Mall, Al Hamra Marina & Yacht Club and muti-cuisine F&B outlets.

The enabling business environment of Ras Al Khaimah, including zero personal tax and full repatriation, will favour investors who are looking to invest in the UAE. They will become part of one of the most liveable destinations in the region, with the Emirate’s growing reputation as a tourism and investment hub.

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