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    ALDAR   AEA002001013


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Aldar Properties PJSC : Aldar Announces Yas Mall opening to...

02/12/2014 | 09:00am EST
03 February, 2014 Abu Dhabi's largest mall to open with over 300 stores, 20 screen cinema, hypermarket and family entertainment. Construction is complete and handover of units to tenants has begun.

Aldar Properties PJSC, Abu Dhabi's leading listed property development, investment and management company, today announced that Yas Mall, Abu Dhabi's first super-regional mall and the important final retail component of Yas Island, will open to coincide with the final race of the 2014 Formula One World Championship. The race puts the public spotlight firmly on Yas Island, making it the ideal moment to launch Yas Mall.

The construction of the 2.5million sq ft mall is now complete and the handover of units to tenants for fit-out has already begun. With the completion of Yas Mall, Aldar will become the largest owner and manager of retail space in Abu Dhabi. Yas Mall offers a new and unique experience as it is directly connected to Ferrari World Abu Dhabi making it one of the world's largest entertainment, leisure and retail destinations.

Yas Mall is set to transform the retail landscape in Abu Dhabi by introducing a mix of well-known international brands and new concepts. Over 80% of the space is committed to major international retail groups that own and represent some of the highest profile brands in the world. These groups include; Al Shaya, Majid Al Futtaim, Landmark, Dubai Holding, Azadea, Paris Group, Royal Sporting House, Al Futtaim, Retail Arabia and Fucom.

Yas Mall will open with over 300 stores, growing to over 400 stores and outlets comprising an exciting range of leading international and regional retail and F&B brands, a 20 screen state of the art cinema operated by VOX Cinemas,  the largest hypermarket in Abu Dhabi which will be operated by Geant and a family entertainment zone.

Aldar's Deputy CEO Mohammed Al Mubarak commented: "Yas Mall will help draw people to Abu Dhabi with its incredible range of attractions. It will be a significant addition to the wider Yas Island offer and a major contributor to the economy, both directly and indirectly.  The mall will be a major part of our corporate strategy to strengthen recurring revenues, bringing stability and consistency to underlying earnings."

John Hadden, Senior Vice President Property at Al Shaya, said:  "Yas Island is already drawing a wide variety of people to its world-class attractions and the Mall will work to significantly increase this. I have no doubt that Yas Mall will become one of the most popular shopping destinations in the Middle East and we are delighted to announce that over 30 of our top brands will be ready and open at launch, including the largest Debenhams in the MENA region and the first Cheesecake Factory in Abu Dhabi." 

Ahmed Galal Ismail, CEO of Majid Al Futtaim Ventures, commented: "Yas Mall is an important part of our growth strategy as we look to expand our brands in the Capital. VOX Cinemas will be rolling out its latest premium Gold cinemas, large screen MAX cinema and new 4DX technology, which combine to offer a unique cinema experience to visitors of all ages. Yas Mall offers us the best platform to roll out our newest American and European brands including the introduction of Hollister and a Lego concept store."

Yas Island is situated roughly 10 minutes from the Abu Dhabi International Airport and 20 minutes from downtown Abu Dhabi, making it an attractive and accessible destination for both residents and tourists. A selection of seven hotels can be found on the island including the luxurious Yas Viceroy Abu Dhabi, as well as a range of top attractions comprising: Yas Marina Circuit; Yas Marina; Ferrari World Abu Dhabi; Yas Water World; Yas Links Golf Course; and Yas Retail Park which includes IKEA and Ace Hardware.

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Analyst Recommendations on ALDAR PROPERTIES PJSC
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Sales 2021 8 976 M 2 444 M 2 444 M
Net income 2021 2 186 M 595 M 595 M
Net Debt 2021 3 133 M 853 M 853 M
P/E ratio 2021 14,8x
Yield 2021 3,81%
Capitalization 32 473 M 8 841 M 8 842 M
EV / Sales 2021 3,97x
EV / Sales 2022 3,79x
Nbr of Employees 2 891
Free-Float 45,1%
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Number of Analysts 6
Last Close Price 4,13 AED
Average target price 4,48 AED
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Managers and Directors
Talal Al-Dhiyebi Chief Executive Officer
Gregory Howard Fewer Chief Financial & Sustainability Officer
Mohammed Khalifa Al-Mubarak Chairman
Mohammad H. Abedalrahman Chief Compliance Officer
David Dudley Executive Director-Investments & Partnerships