TMCnet News
Aldar partners with Chalhoub Group to create a unique new shopping experience at Yas Mall [Property Times (UAE)](Property Times (UAE) Via Acquire Media NewsEdge) Aldar Properties PJSC (“Aldar" or "the Company" ADX: ALDAR), Abu Dhabi’s leading listed property development, investment and management company, today announces the signing of an agreement with Chalhoub Group to create the region's largest department store experience, comprising 200,000 square feet of prime retail space within Yas Mall. The partnership with Chalhoub Group, the leading partner for luxury across the Middle East, underlines Aldar's focus on creating a unique shopping and leisure destination on Yas Island and a first of its kind for Abu Dhabi. The department store will showcase a portfolio representing the most desirable ranges from over 200 global brands. Featuring a large variety of concessions stores and designers, the department store will complement the extensive brand mix found elsewhere in the mall, covering beauty and cosmetics, fashion, accessories and an extensive children's' selection. Mohammed Al Mubarak, Aldar's Chief Executive Officer, commented: "Our partnership with Chalhoub Group is another important differentiator for Yas Mall, Yas Island and the wider Abu Dhabi retail landscape. We have worked closely with Chalhoub Group to identify and develop the best department store experience for Yas Mall. We believe that by creating a new concept, with one of the region's most respected luxury retailers, we will create a unique shopping experience that complements the diverse retail mix already in place at the mall." Patrick Chalhoub, Chalhoub Group's Chief Executive Officer, said: "We are delighted to be partnering with Aldar on this new and unique project in Abu Dhabi. We believe that Yas Mall is the perfect place for us to be launching a new and exciting store concept to market and showcase a selection of international design houses. We look forward to revealing more details over the coming months." Yas Mall is now 95% committed ahead of the opening in November 2014. The remaining units will be leased-up on a selective basis to ensure that they complement the existing retail mix, while bringing new experiences to Abu Dhabi. About Aldar Abu Dhabi-based Aldar Properties PJSC is one of the largest developers in the Middle East and North Africa region, with almost US$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 Al Reem Island. Its property portfolio is diversified and balanced with a total asset mix comprising residential communities, retail property, with the remaining in commercial. There are also nine hotels with more than 2,500 available rooms. With a land bank of over 77 million square metres, 90 per cent 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 Government of Abu Dhabi, which is also a major shareholder. The business is aligned with the Emirate's "Vision 2030" strategy of economic diversification and social infrastructure development. About Yas Mall Yas Mall, due to open in November this year, will offer 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 and a family entertainment zone by Funworks. With the completion of Yas Mall, Aldar will become the largest owner and manager of retail space in Abu Dhabi. Yas Island is situated roughly 10 minutes from the Abu Dhabi International Airport and 20 minutes from downtown Abu Dhabi, making it an attractive and accessible destination for both residents and tourists. A selection of seven hotels can be found on the island including the luxurious Yas Viceroy Abu Dhabi, as well as a range of top attractions comprising: Yas Marina Circuit; Yas Marina; Ferrari World Abu Dhabi; Yas Water World; Yas Links Golf Course; and Yas Retail Park which includes IKEA and Ace Hardware. About Chalhoub Group The Chalhoub Group is the leading partner for luxury across the Middle East since 1955. As an expert in retail, distribution and marketing services based in Dubai, the group has become a major player in the fashion, beauty and gift sectors regionally. By blending its Middle East expertise and intimate knowledge of luxury, Chalhoub Group is building brands in the region, by offering service excellence to all its partners and a unique experience to its customers through its passionate teams. With a growing workforce of more than 11,000 people, implemented in 14 countries, as well as the operating of over 550 retail outlets, the group's success is attributed to its most valued asset of highly skilled and dedicated teams. Professionalism and passion are what fuel the Chalhoub Group's competitive edge in today's market. By being committed to implementing sustainable practices into their business, the Chalhoub Group has been awarded in 2014, for the second consecutive year, the CSR Label from the Dubai Chamber of Commerce. (c) 2014 Media Labs LLC Provided by SyndiGate Media Inc. (Syndigate.info). |