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YAS MALL: THE UAE’S SECOND-LARGEST

YAS MALL

1 October 2014

The second biggest mall in the United Arab Emirates will be launched on Yas Island in November, supporting Abu Dhabi’s ambitions of becoming a leading retail destination in the MENA region.

While the UAE’s capital continues to grow as an increasingly attractive destination for retailers from all over the world, Aldar Properties, Abu Dhabi’s leading listed property developer, investment and management company, has announced that the opening of Yas Mall, the largest shopping mall in the emirates, will be held in November.

“We believe that this is the perfect time to launch the Mall in the capital. It will be just before the 2014 Formula One Etihad Airways Abu Dhabi Grand Prix when 500 million viewers will have their eyes on Abu Dhabi. We have worked on a very robust and balanced strategy for the company’s development and now is the time to open Abu Dhabi’s largest and first super-regional mall,” said Mohammed Khalifa Al Mubarak, CEO of Aldar Properties.

According to Aldar Properties’ CEO, confidence in Abu Dhabi’s real estate market is strong, and retail and tourism figures have been outstanding this year, so it is the perfect platform to offer everyone an additional facility to visit and enjoy.

ABU DHABI’S FIRST SUPER-REGIONAL

Yas Mall will be the first super-regional mall in Abu Dhabi covering 2.5 million square feet of leasable area. It has been designed to meet Abu Dhabi’s Estidama 2 Pearl sustainability guidelines and includes over 10,000 shaded car parking spaces providing a level of connectivity that aims to distinguish Yas Mall among others in the region.

The mall is located on Yas Island which is situated roughly 10 minutes from Abu Dhabi International Airport and 20 minutes from downtown Abu Dhabi, making it an attractive and accessible destination for both residents and tourists.

Yas Island’s entertainment venues include Ferrari World Abu Dhabi, Yas Marina Circuit, Yas Marina & Yacht Club, Yas Viceroy Hotel, Yas Plaza & Yas Plaza Hotels, Yas Links Golf Course & Yas Links Club House, Yas Water World, and Yas Retail Park with IKEA and Ace Hardware.

“Yas Mall will add tremendous appeal to Yas Island’s offering and will significantly improve Abu Dhabi’s retail landscape by introducing a mix of well-known international brands and new concepts. Along with world-class tourist destinations, the mall adds another dimension to the appeal the island has for locals and tourists alike,” commented Al Mubarak.

The mall is positioned in the centre of four parking structures which have either existing road connections from the Sheikh Khalifa Highway or direct entry from the Yas Leisure Drive providing easy access to visitors from Abu Dhabi and Saadiyat Island, Al Ain, Dubai and surrounding residential areas.

“Visitors will have easy access directly to the Mall and to the exciting combination of shopping streets and civic spaces leading to The Square, a vibrant and exciting meeting place at the heart of Yas Mall,” added Al Mubarak.

Yas Mall’s Lifestyle Precinct will also have a direct link to Ferrari World Abu Dhabi, allowing sports fanatic’s easy access to sports, leisure and lifestyle brands and Formula 1 events. From volume retail to high-end designer label and flagship designer stores, the mall will be able to offer a shopping experience to all demographics.

DESIGN

“Yas Mall is inspired by the world’s most successful and prestigious shopping streets. Each with its own architectural personality and tenant mix, with civic spaces that have been created between the streets, avenues and squares which bring a scale and visual interest to the scheme while creating a bold and contemporary architectural language unique to the region,” explained Aldar Properties’ CEO.

According to Al Mubarak, the design of Yas Mall combines critical success factors from the world’s best retail destinations surpassing any in the Middle East in terms of ambiance, retail presentation and convenience, placing Abu Dhabi on the global stage of retail destinations. It is designed with Estidama principles at its heart – Abu Dhabi’s sustainability initiative.

Construction on this 2.5 million square feet mall began in Dec 2011 and lasted for almost three years.

The handover of units to tenants for fit-out is well underway, with 95% of the space committed to major international retail groups that own and represent some of the highest profile brands in the world.

BOOMING RETAIL MARKET

Abu Dhabi has been emerging as an increasingly important destination in the global retail business. According to the latest CBRE research, the UAE’s capital is the fourth most sought after market globally in terms of global retailer expansion. This result was achieved after the opening of The Galleria, a 33,000 square metre upscale shopping and dining destination that has redefined the retail platform in the city and has attracted most of the new entrants to Abu Dhabi last year.

Yas Mall is expected to transform the retail landscape in Abu Dhabi by introducing a host of renowned brands and new concepts never seen before in the capital.

“Over 95% of the space is committed to major international retail groups that own and represent some of the highest profile brands in the world. These groups include Al Shaya, Majid Al Futtaim, Landmark, Dubai Holding, Azadea, Paris Group, Royal Sporting House, Al Futtaim, Retail Arabia and Fucom,” said Al Mubarak.

He also underlined that Yas Mall will open with an exciting range of leading international and regional retail and F&B brands, a 20 screen state of the art cinema operated by VOX Cinemas, the largest hypermarket in Abu Dhabi which will be operated by Geant and an edutainment family entertainment centre operated by Landmark.

With the opening of more luxury and lifestyle retail destinations such as Yas Mall, Abu Dhabi is set for retail transformation and is expected to become a leading retail destination in the region, competing in this with neighbouring Dubai.

ALDAR PROPERTIES

Abu Dhabi-based Aldar Properties PJSC is one of the largest developers in the Middle East and North Africa region, with over USD 12 billion of assets.

The company has developed some of Abu Dhabi’s most iconic and complex projects, from the Formula 1 facilities on Yas Island to the thriving new Shams Abu Dhabi community on Reem Island. Its property portfolio is diversified and balanced, with residential communities accounting for around half of assets, retail property representing a third, and the remainder split between commercial and hospitality.

With a land bank of over 77 million square metres, 90 percent of which is in special investment zones, Aldar Properties is focused on serving the growing demand in the UAE for high-quality and professionally managed property.

Aldar Properties is a strong partner of the Abu Dhabi government, which is a major shareholder. The business is aligned with the Emirate’s “Vision 2030” strategy of economic diversification and social infrastructure development.

The company has developed some famous retail properties such as Al Jimi Mall in Al Ain; the World Trade Centre in Abu Dhabi, which is one of the premier shopping destinations in the capital featuring the first House of Fraser in the Middle East, alongside 150 boutiques; and eclectic BOUTIK malls in Al Ain, on Al Reem Island, in Seih Sdeirah and Khalifa City in Abu Dhabi.

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