Abu Dhabi, 23 July 2014: Aldar Properties PJSC ("Aldar” or “the Company” ADX: ALDAR), Abu Dhabi's leading listed property development, investment and management company, today announces the signing of an agreement with Chalhoub Group to create the region’s largest department store experience, comprising 200,000 square feet of prime retail space within Yas Mall.
The partnership with Chalhoub Group, the leading partner for luxury across the Middle East, underlines Aldar’s focus on creating a unique shopping and leisure destination on Yas Island and a first of its kind for Abu Dhabi.
The department store will showcase a portfolio representing the most desirable ranges from over 200 global brands. Featuring a large variety of concessions stores and designers, the department store will complement the extensive brand mix found elsewhere in the mall, covering beauty and cosmetics, fashion, accessories and an extensive children’s’ selection.
Mohammed Al Mubarak, Aldar’s Chief Executive Officer, commented: “Our partnership with Chalhoub Group is another important differentiator for Yas Mall, Yas Island and the wider Abu Dhabi retail landscape. We have worked closely with Chalhoub Group to identify and develop the best department store experience for Yas Mall. We believe that by creating a new concept, with one the region’s most respected luxury retailers, we will create a unique shopping experience that complements the diverse retail mix already in place at the mall.”
Patrick Chalhoub, Chalhoub Group’s Chief Executive Officer, said: “We are delighted to be partnering with Aldar on this new and unique project in Abu Dhabi. We believe that Yas Mall is the perfect place for us to be launching a new and exciting store concept to market and showcase a selection of international design houses. We look forward to revealing more details over the coming months.”
Yas Mall is now 95% committed ahead of the opening in November 2014. The remaining units will be leased-up on a selective basis to ensure that they complement the existing retail mix, while bringing new experiences to Abu Dhabi.