- Sale of flagship asset is a testament to company’s track-record of creating high-value retail assets that have potential to attract investments into the Emirate of Ras Al Khaimah
- Capital unlocked to be utilised for next phase of Al Hamra Master Plan Development focused on reimagining a premier lifestyle experience (through beach resorts and waterfront residential projects) in line with its Vision 2025
Ras Al Khaimah: 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 PJSC (“Aldar”), for a consideration of AED 410 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 muti-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.
About Al Hamra:
Al Hamra is a Ras Al Khaimah based real estate development and investment company. The group is focused on providing premier lifestyle real estate developments, while investing in hospitality and leisure segments. In line with the Emirate’s growth, Al Hamra has been instrumental in shaping the real estate landscape in the Emirate since its formation in 2003. The company is committed to reimagining life and hospitality through the friendly and safe environment Al Hamra Village has developed while also capitalising on the proximity to Dubai, just 40 mins away, the financial benefits, the airport, and the free-trade zones.
Entities under the Al Hamra brand name include Al Hamra Golf Club, Al Hamra Marina & Yacht Club, Manar Mall, the multi-award-winning Al Hamra Village and Al Hamra Real Estate Development. Al Hamra is also the developer of Waldorf Astoria Ras Al Khaimah and Ritz-Carlton Ras Al Khaimah, Al Hamra Beach.
About Ras Al Khaimah:
Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the United Arab Emirates. It is known for its diverse landscape, from 64km of pristine beaches, to terracotta deserts and an imposing mountain backdrop, as well as its rich history, dating back 7,000 years. It has many archaeological sites, four of which have been shortlisted on UNESCO’s tentative list of World Heritage Sites.
Alongside its breathtaking natural vistas that have been carved out over millennia, the Emirate’s Jebel Jais mountain, which is the highest peak in the UAE, boasts attractions including Jebel Jais Flight, the world’s longest zip line at almost 3km, and 1484 by Puro, the UAE’s highest restaurant, as well as a host of other adventure pursuits.
In recognition of its array of premium tourist offerings, Ras Al Khaimah was named Gulf Tourism Capital for 2021 by the Gulf Cooperation Council – a title it won for the second consecutive year. In light of its safe environment for visitors, the Emirate became the first city in the world to be certified as ‘safe’ by Bureau Veritas and the first Emirate to receive the World Travel and Tourism Council’s (WTTC) ‘safe travels’ stamp.
Ras Al Khaimah is centrally located at the modern crossroads between Europe, Asia and Africa, with one third of the world’s population within four hours’ flying time, making it an ideal location for businesses to expand into the UAE, the Middle East and Africa region and beyond.
The Emirate boasts an economy that is based on a variety of sectors, such as tourism, business, manufacturing, shipping and transportation services, as well as natural resources. Each sector accounts for no more than 26% of the Emirate’s GDP – a critical advantage that enhances Ras Al Khaimah’s economic flexibility and strength.
For more than a decade, Ras Al Khaimah has been consistently rated in the ‘A’ range by Fitch and Standard & Poor’s international ratings agencies. The Emirate is home to more than 38,000 businesses from 100 countries, representing over 50 diverse economic fields, all of which are benefiting from the excellent quality of life on offer, the competitive cost of housing and labor, modern infrastructure – including an international airport and the largest bulk seaport in the region – and its state-of-the-art industrial areas and business parks. Ras Al Khaimah is one of the most diverse economies in the UAE.
Ras Al Khaimah is home to 111 schools – 76 public schools and 35 private establishments – including Ras Al Khaimah Academy. Several Higher Education institutions are also based in the Emirate, including the American University of Ras Al Khaimah, RAK Medical & Health Sciences University and the Higher Colleges of Technology. This is in addition to several international universities that have set up branches in the Emirate, notably the University of Bolton and the University of Stirling, both from the UK.
Ras Al Khaimah Government is driving digitalization and has transitioned more than 700 services from various Government departments into e-services available online, while the mRAK app offers over 150 services, ensuring convenience, safety and high standards for businesses and the general public.
Ras Al Khaimah is a cultural melting pot, with an estimated population of 0.4 million people in 2021, up from 0.345 million in 2015, when 37% of the population were local Emirati.