Al Hamra divests retail assets to Aldar Properties for Dhs410m
- 21 Feb 2022
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 (Aldar), for a consideration of Dhs410 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 advisor to Al Hamra, and DWF Middle East was the legal advisor.
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 multi-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.
Aldar Properties recently announced plans to invest Dhs1 billion into Aldar Education, its wholly owned subsidiary, and the largest premium school operator in Abu Dhabi.
With 80 per cent of the investment already committed and planned for deployment over the next three years, Aldar will diversify its education portfolio and expand its offering to widen the choice of quality education for students in Abu Dhabi.
Aldar Education currently owns 9 schools under Aldar Academies and Cranleigh Abu Dhabi and manages a further 11 schools. Through this investment, Aldar aims to increase the existing student capacity in Aldar Education’s owned and managed schools to over 40,000 seats by Academic Year 24/25. Aldar Education is looking to achieve this through a mix of greenfield and school acquisition opportunities in the premium and mid-market segments, all aimed at strengthening the choice and educational experience available to students in Abu Dhabi.
Aldar’s growth plan is focused on enhancing Aldar Education’s offering in three main locations in Abu Dhabi: Khalifa City, Saadiyat Island and Yas Island.
In Khalifa City, Aldar Education has agreed its first-ever school acquisition with the purchase of Al Shohub Private School, a British curriculum school that will enable Aldar Education to offer students an even greater choice of education. The acquisition will see Aldar Education continue to uphold the school’s strong reputation within the market, while adding its expertise to enhance the educational experience for current and future students.
WAM
