UAE’s thriving mall and retail landscape is about to witness a transformative phase as Makani Real Estate, a premier commercial developer in the region, embarks on an ambitious expansion plan.
Laying out its strategic blueprint for the coming years, Makani aims to increase its leasing portfolio by a whopping 270,000 sq. ft. within the next 2-5 years. This will be achieved through a mix of fresh project rollouts and well-calibrated acquisitions.
Makani’s CEO, Ashba Mubarak Al Ghfeli, encapsulated the company’s robust growth aspirations: “Our objective is clear: we aim to solidify our position as the leading retail real estate operator in the UAE.” Emphasizing Makani’s commitment, Al Ghfeli mentioned their dedication to consistently refine their current projects, introduce new ventures, and actively seek acquisition opportunities in the burgeoning UAE market.
One of the highlights of Makani’s growth strategy is the two-year redevelopment initiative aimed at the three existing malls: Makani Zakher, Makani Shamkha, and Makani Al Ain Mall. Shoppers can anticipate an enhanced shopping milieu with upgrades spanning common areas, food courts, digital screens, and customer amenities. Notably, Makani Al Ain Mall will see upgrades in its civil defense systems, facade, and wayfinding elements, underscoring the brand’s commitment to outstanding retail environments.
The timing of Makani’s aggressive expansion correlates with forecasts predicting an uptick in the UAE’s commercial projects sector. Estimates suggest a growth from the current $298 billion to an impressive $345 billion by 2028.
Despite murmurs in certain quarters about the UAE’s mall sector nearing saturation, Al Ghfeli remains optimistic. She expresses a bullish stance, asserting that the UAE mall sector still brims with “opportunities for growth and innovation.” At its core, Makani Real Estate is poised to remain adaptive, agile, and visionary in its strategy, ensuring they carve exceptional retail and entertainment spaces for their audience.
Reiterating the company’s UAE-centric approach, Al Ghfeli clarified that Makani has no immediate plans of extending its wings to other GCC markets. Instead, the focus will be to fortify its real estate presence within the UAE, leveraging both organic and inorganic growth avenues.
Giving a glimpse into the near future, Al Ghfeli unveiled the upcoming Makani Khalidiya Garden Community Center. Spanning 13,500 square feet, this project is slated for completion in the final quarter of this year and promises an eclectic mix of stores, services, and dining options.
Makani Real Estate is charting a dynamic path in the UAE’s commercial landscape. With a clear vision, strategic investments, and an unwavering commitment to customer experience, the brand is setting the stage for a retail renaissance in the region. As the story of their expansion unfolds, the UAE’s retail sector is sure to resonate with the ethos of innovation, growth, and unparalleled shopping experiences.