UAE-based leading commercial developer Makani Real Estate is gearing up for a major expansion in the mall and retail sector through a combination of new project launches and acquisitions to grow its leasing portfolio by another 270,000 sq. ft. in the next 2-5 year period, its chief executive said.
UAE-based leading commercial developer Makani Real Estate is gearing up for a major expansion in the mall and retail sector through a combination of new project launches and acquisitions to grow its leasing portfolio by another 270,000 sq. ft. in the next 2-5 year period, its chief executive said.
CEO Ashba Mubarak Al Ghfeli emphasises Makani’s exclusive focus on the UAE market, with no plans for expansion into other GCC regions. The company aims to grow organically within the UAE, leveraging organic and inorganic approaches to strengthen its position. Al Ghfeli acknowledges the significance of acquisitions and mall development in driving growth and value creation within the industry, emphasising a strategic approach to expanding retail Gross Leasable Area and reinforcing Makani’s presence in the vibrant and dynamic UAE market.
“Our objective is clear: we aim to solidify our position as the leading retail real estate operator in the UAE,” CEO Ashba Mubarak Al Ghfeli told Arabian Business.“
“To achieve this, we are committed to continuously enhancing our existing projects, developing new ones, and exploring [acquisition] opportunities within the UAE’s vibrant and dynamic market,” Al Ghfeli said, adding “stay tuned for updates on additional malls, expanding our portfolio by 270,000 sq. ft. of GLA [Gross Leasable Area].”
Significantly, the company’s aggressive expansion move comes amid a major post-pandemic bump up expected in UAE’s commercial projects sector, which is projected to reach $345 billion in market value by 2028 from the estimated $298 billion currently.
The chief executive was also categorical that the company has no plans to expand its operations to any other regional markets in the GCC.
The company wants to remain and grow within the UAE, and will explore both organic and inorganic routes to further consolidate its position in this market, she said.
“We recognise that the acquisition and development of malls are key drivers of growth and value creation in this industry. As such, we remain dedicated to expanding our retail Gross Leasable Area (GLA) through a strategic approach that involves both acquisitions and developments,” Al Ghfeli said.
Among the new projects, she said the Makani Khalidiya Garden Community Center, spanning 13,500 square feet and featuring a variety of stores, services, and dining options, is expected to be completed in Q4 of this year.
Regarding the view being echoed by a section that the mall sector is getting somewhat saturated in the UAE, Al Ghfeli said while it is essential to be mindful of market dynamics and competition, “we firmly believe that the mall sector in the UAE is still full of opportunities for growth and innovation”.
“At Makani Real Estate, we remain committed to staying agile, adaptive, and forward-thinking in our approach to creating exceptional retail and entertainment destinations.”
Al Ghfeli said Makani will soon launch a two-year redevelopment initiative to enhance customer experiences at Makani Zakher, Makani Shamkha, and Makani Al Ain Mall.
There will be significant improvements made to the malls which will cover common areas, food courts, digital screens, customer facilities, and HVAC systems.
Additionally, Makani Al Ain Mall will undergo upgrades in civil defense systems, facade, and wayfinding elements.
“These enhancements will demonstrate our commitment to providing outstanding retail environments,” she said.
