Al Hamra Mall was sold to Aldar Properties in a deal worth 410 million dirhams
Al Hamra, the leading real estate development and investment company in Ras Al Khaimah, announced the sale of one of its leading retail assets, "Al Hamra Mall", to Aldar Properties - Aldar - for 410 million dirhams.
"Al Hamra Mall" consists of two floors "ground and first floor" and extends over an area of 27,000 square meters and meets the needs of residents and tourists alike.
This move confirms Al Hamra's track record of success in constructing real estate assets that offer great value in prime locations in Ras Al Khaimah, while at the same time enjoying a great ability to attract the best investors and developers to the emirate.
Benoy Kurian, Executive Director of Al Hamra, said: "Given the vital elements that Ras Al Khaimah enjoys, which enhance its broad economic prospects, the demand for companies from outside the emirate to inject investments in it has become a natural matter... and as a company specialized in establishing superior life experiences in the Emirates The North, a leading developer in Ras Al Khaimah and a major contributor to the emirate’s urban landscape, we always welcome strategic investments that will add tangible value to its economy as a whole.”
He added: "Aldar Properties' step of establishing an investment for itself in Ras Al Khaimah confirms the attractive business environment in the emirate, which is characterized by openness and transparency in doing business and its ability to pave the way for all investors to achieve growth and development...noting that this deal will consolidate the position of The emirate is on the global map and will create more investment opportunities in many sectors."
G Square Capital acted as an advisor in the Al Hamra Mall deal, and DWF Middle East acted as the legal advisor.
The Emirate of Ras Al Khaimah has many features that enhance its reputation as a viable destination for investment in the United Arab Emirates.. It features unique advantages such as its diverse community, safety levels and exceptional environment in general that make it an ideal place to enjoy a comfortable life.
High quality and affordable infrastructure are the main pillars of the emirate's uniqueness, while Ras Al Khaimah achieves the perfect balance between business expansion, risk management and profitable investment in the fields of investment.
Al Hamra aims to provide residents, visitors and tourists alike with the best lifestyle, as well as the finest retail, hospitality and tourism experiences, by establishing new projects, pumping investments, signing sales deals and concluding cooperation relations with the best service providers around the world.
Investors looking to invest in the UAE can take advantage of the supportive business environment in Ras Al Khaimah, which is characterized by the absence of tax on personal income and the freedom to return all capital and profits.
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