Currently, the business controls $408 million worth of commercial and community centers in Al Ain and Abu Dhabi.
According to the chief executive of Makani Real Estate, which is owned by Abu Dhabi Cooperative Society, the company’s expansion ambitions include the purchase and construction of additional shopping malls and as well as community facilities in Al Ain and Abu Dhabi.
In Al Ain and Abu Dhabi, the corporation now owns shopping malls and community centers worth Dh1.5 billion ($408 million). In the Khalidiya neighborhood of Abu Dhabi, it is also constructing a brand-new community center with rooms for shops and eateries that will debut in the fourth quarter of this year.
CEO Ashba Al Ghfeli stated in an interview with The National that his company’s “vision is to expand the retail presence of our business and to design a customer-centric experience for our shoppers and community.” The asset value is another thing that “we seek to maintain, enhance, and increase.”
In the next two years, the business intends to construct two additional malls with 10,000 to 11,000 square meters of gross leasable space each in Shakhbout City and Mohammed bin Zayed City in Abu Dhabi.
As part of “a big redevelopment plan,” it is also developing two additional small community centers and existing malls Makani Zakher, Al Ain Mall, and Shamkha Mall. For Dh1.03 billion, it purchased Makani Zakher and Al Ain Mall the previous year.
For this reason, Ms. Al Ghfeli remarked, “we are working to both develop the new and re-enhance the old assets to reach the expectations of our clients.”
The business intends to fund future initiatives through a combination of loan and equity.
She went on to say, “Sometimes we fund through the bank, other times we build [with] project cash.The speaker added, “It depends on the project’s scope and our strategy.
However, she withheld information regarding the precise sum that the business intends to invest in further growth.
As the second-largest economy in the Arab world recovers from the coronavirus pandemic, there is an increasing demand for retail space in the United Arab Emirates.
According to a CBRE research, there were 7.4 percent more retail rental contracts filed in Abu Dhabi during the second quarter of 2023 than there were during the same period in the previous year—7,494.
According to the data, new registrations increased by 1.9% over this time, while renewing registrations jumped by 10.2%.
A total of 17,463 rental contracts were recorded in Dubai’s retail market in the second quarter, representing a growth rate of 1.3% from the prior year.
There is a need for neighborhood-based convenient retail. Any community created in the UAE, in my opinion, should include shopping, said Ms. Al Ghfeli.
To increase demand, she continued, malls should provide a variety of family-friendly leisure areas in addition to retail establishments.
She noted that although the company is concentrating on Abu Dhabi, it is willing to expand to other emirates.
We won’t be closing our doors, Ms. Al Ghfeli assured, adding that if we come across a good opportunity in the future in other emirates or in another area, “[we] will expand.”
According to her, Makani supports both emerging small enterprises and well-known regional brands.
“We see the retailer as a joint venture partner. Without mutual support, there is no use in constructing a mall or community center.
“Our growth plan is to give back to the neighborhood… Whether it’s constructing a regional mall or a handy community center,… This is dependent on the catchment, the location, and the population density of the area. All of those studies will provide us with information about what size to build, she said.