Aldar Marks Ras Al Khaimah Entry, Acquires Al Hamra Mall for Dh410 Million platform, we are assessing opportunities to deploy further capital into new geographies and property types as part of an overarching growth strategy. This initial transaction is very much in line with our plans to leverage Aldar Investment’s strengths to grow, diversify further, and create significant value for our shareholders.”
Abu Dhabi-based Aldar has acquired the Al Hamra Mall in Ras Al Khaimah for Dh410 million, marking its first investment in the emirate. As part of the agreement, Aldar has also secured development rights for an extra 11,200 sqm of gross floor area, with an option to acquire an additional 7,400 sqm for retail and commercial use. Completed in 2009, the 27,000 sqm mall has been developed by Al Hamra, a Ras Al Khaimah-based real estate development and investment company. The transaction adds further scale and diversification to Aldar Investment, which manages more than Dh22 billion of income-generating
residential, retail, commercial, hospitality and education assets. Aldar Investment plans to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the customer experience to drive sales and footfall growth. Commenting on the transaction, Aldar Group CEO Talal Al Dhiyebi said: “Ras Al Khaimah represents an attractive opportunity for Aldar, due to the emirate’s demographics, strong market dynamics, and tourism sector fundamentals. It has emerged from the pandemic as a key investment destination within the UAE and we look forward to growing our presence over time. Through the Aldar Investment
Jassem Busaibe, CEO at Aldar Investment, added: “As the UAE retail sector continues its robust recovery from the global pandemic, the acquisition of Al Hamra Mall provides Aldar Investment with a significant transformation opportunity in a key development zone in Ras Al Khaimah. Our business has proven remarkably resilient in the challenging environment of the last two years, continuing to deliver steady recurring income. We are therefore in a strong position to expand through acquisitions such as this and deploy our world-class asset management capabilities to deliver significant upside in terms of valuation and income.” “Al Hamra Mall is one of the flagship retail and leisure destinations in Ras Al Khaimah and the Northern Emirates. We created a high-value asset which is now being further enhanced by Aldar through its strategic investment. This reflects the tremendous potential of Ras Al Khaimah as a retail and tourist hub that can attract significant inward investments,” said Benoy Kurien, CEO of Al Hamra Group. Source: Gulf News (https://bit.ly/3JHLV4K)
Saudi Pharmacy Chain Al-Dawaa Targets to Exceed 1000 Stores After $500m IPO The company earlier set the offering price range at SR65 ($17.3) to SR73 per share, aiming to float 30 percent of its SR850 million capital. The firm’s e-commerce platform “doubled in size last year and this is undoubtedly also a focus for growth going forward,” he stated. With respect to expansion, he said the business has a huge prospect for growing its brand portfolio, supported by favorable market conditions.
Saudi Arabia’s Al Dawaa chain of chemists aims to grow its store network, improve its brand image, and grow its e-commerce business, after its imminent $500 million initial public offering, the company’s commercial director has said.
Listing represents a chance to “strengthen AlDawaa’s brand presence and future growth potential as well as reinforce our commitment to the highest standards of corporate governance,” Fahad Al-Farraj told Arab News.
The company currently operates more than 900 pharmacies across 130 cities in the Kingdom, having opened 87 new branches in 2021.
Proceeds from the offering will be used to feed that strategy and enhance automation across the company’s supply chain, he said.
It aims to increase this to at least 1,065 stores by 2025.
Al-Dawaa ends its book-building process today, with individual subscriptions invited between Feb 27 and March 1.
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“Over the past couple of years, we have been growing a portfolio of own brands, such as Ronzac our ‘nutraceuticals’ brand, which gives us the opportunity to expand outside our existing channels to market within Saudi Arabia, such as grocery stores.” As the pandemic weighed on businesses globally, 2020 was “an exceptional year” for the pharma retailer as it was among the few organizations allowed to operate during the lockdown, said AlFarraj. Al-Farraj reiterated that Al-Dawaa has “recently completed the automation of its main warehouse facility.” Source: Arab News (https://bit.ly/3LNctD8)
