UAE’s R Holding launches retail projects worth Dhs700m
The company is currently building five retail projects in Ajman and two in Dubai, a statement said.
Ajman-based R Holding, a group with diversified businesses, announced that it has launched retail projects worth Dhs700 million in the UAE.
The group is building five projects in Ajman and two in Dubai under the brand of CityLife, a statement said.
CityLife Malls will cater to the growing demand for neighbourhood malls in the region with most of the properties developed in locations close to residential areas, R Select-the retail arm of R Holding said.
“We aim to meet the catchment’s needs in various segments such as general retail, food & beverages, health care, lifestyle, electronics and others,” said Imran Khan, COO for R Select.
“The key to our success is providing the right product at the right location and time. Neighbourhood malls are gaining popularity in the UAE retail sector.”
In Ajman, the company has delivered two projects worth Dhs60 million and Dhs65 million under the CityLife brand in Al Jurf and Al Hamidiya while the construction of a Dhs90 million project is underway at Al Zorah.
Aside from these, R Select is planning two more retail projects –each worth Dhs120 million- in Ajman Creek and Ajman Corniche.
The company is also planning to build two community malls worth Dhs250 million in Dubai but did not disclose their locations.
With the current expansion plan, R Select said that its portfolio will be worth over Dhs950 million in the next two years.
Developers are flocking to take a cut of the UAE’s booming retail sector, which has been growing strongly due to a rise in disposable income and rapid growth in population.
According to a report by Dubai FDI, the UAE’s retail sector is estimated to reach Dhs151 million in 2015.
Presently, many developers are also specifically cashing in on the market demand for neighbourhood malls.
Last year, Dubai-based retail conglomerate Majid Al Futtaim launched its first neighbourhood mall in the International Media Production Zone in Dubai, followed by another neighbourhood retail concept called My City Centre in Sharjah.
Developer Nakheel too has launched a number of neighbourhood malls across its properties such as Discovery Gardens and Jumeirah Village.
