- Campaign will entail additions to existing portfolio, optimisation of assets, detailed technology upgrade and enhancing customer experience
- Project to commence with a measured three-pronged approach this year
- Funds realised from the divestment of Al Hamra Mall, and other assets to used as capital for fresh and diverse ventures in Real Estate and Hospitality Sectors
Al Hamra, the leading real estate development and investment company in Ras Al Khaimah, has unveiled an ambitious five-year roadmap, from 2023-2027, to drive sustained growth through strategic developments. This is aligned with the vision of Ras Al Khaimah’s leadership to establish the Emirate as one of the leading investment, business, residential and tourism destinations.
Having earmarked an estimated AED 1 billion to achieve these aspirations, Al Hamra will be embarking on a development campaign underpinned by significant additions to its existing real estate and hospitality portfolio and optimisation of existing assets, ensuring strategies are in place for a systematic technology upgrade and enhancing customer experience in retail that will further strengthen the brand equity.
The group’s five-year campaign will be driven by a three-pronged approach this year to position itself as the creator of premier lifestyle experiences, quality products, and world-class services in the Northern Emirates by upgrading to innovative branded hospitality, optimizing retail, developing both vertical and horizontal real estate assets as well as investing in value-added services.
Al Hamra will also reinforce its reputation as an industry game-changer, bringing in many firsts and bests to the emirate supporting Ras Al Khaimah’s economic growth, tourism strategy and livability agenda. It will also play a key role in attracting inward investments to Ras Al Khaimah, further contributing to the fast-paced development of the emirate.
Benoy Kurien, Group CEO, Al Hamra, said: “Led by the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, the emirate offers the best combination of affordable infrastructure, investment opportunities, new avenues for development and a strategic balance between scalability, risk-management and attractive returns on investment.
“Al Hamra continues to assess sound activations to build on the emirate’s status as one of the region’s most livable destinations through a variety of select lifestyle and commercial offerings. Our five-year strategy is a carefully considered approach to highlight Ras Al Khaimah’s eminent status as a competitive investment and tourism destination, providing viable options for success in the post-pandemic world.”
With a view to attracting investments locally, regionally, and internationally, Al Hamra recently divested its 27,000 sqm Al Hamra Mall to Aldar Properties PJSC (“Aldar”) for AED 410 million. The profitable sale of this asset sends a convincing message of Ras Al Khaimah’s enormous promise and growth as a retail and tourism hub in the UAE, aided by attractive demographics and strong market dynamics.
It also reflects the farsightedness and strong, inclusive leadership of Ras Al Khaimah, which today offers one of the most conducive business environments. The move also reiterates the Emirate’s strategy of attracting investments to Ras Al Khaimah from individual and corporate investors.
The divestment is in line with Al Hamra’s outlook to reassign the capital inflow into additional and diverse ventures and create more inward investment opportunities for the emirate across lifestyle, retail, hospitality and leisure experiences for residents and tourists.
Al Hamra’s immediate focus will be to further enhance Manar Mall and establish its reputation as the most preferred retail destination that offers a complete family experience in the Northern Emirates. In addition, relaunch plans are being put into place for hospitality, retail, and leisure businesses such as Al Hamra Residence, Al Hamra Village and Residence, Waterfront, Al Hamra Marina & Yacht Club and select F&B outlets. Continued attention will also be given to the group’s residential, hospitality and commercial projects in the Emirate.