JLL, a leading professional services firm specializing across Real estate, investment management, and development consultancy recently announced entering into an agreement with Al Andalusia Courtyard, a Dubai-based real estate developer, to provide retail leasing and consulting services for its upcoming community centers in Abu Dhabi as well as Meydan and Al Khawaneej in Dubai.
Industry sources affirmed that additionally, this partnership will see JLL extending its continued support to Al Andalusia Courtyard’s future projects, which is in line with the latter’s expansion plans across its UAE real estate portfolio. This includes internally funded projects in Dubai valued at AED 160 million, AED 60 million of its own projects consisting of 60 luxury townhouses, and the development of 2 mixed-use commercial projects in Dubai and Abu Dhabi valued at over 90 million AED in 2023.
“We recognize JLL’s global expertise in retail leasing and consulting will be invaluable as we continue to grow our portfolio and offer development services to third-party projects,” said Saleh Tabakh, CEO of Al Andalusia Courtyard. “We are excited to work together with JLL in the pre-development and design stage to ensure these projects are delivered in line with market requirements and have appropriate technical features for easy fit-out and operations. Through this strengthened partnership, we are confident we will deliver top-quality projects in the future.”
“As the retail real estate landscape continues to evolve in the UAE, ample supply is available for retailers to consider and potential tenants are more strategically selecting their locations for new outlets,” said Dana Williamson, Head of Offices, Business Space & Retail at JLL MENA. “As experts in the retail space, we are well-positioned to support Al Andalusia Courtyard with the retail leasing for its upcoming community centers in Dubai and Abu Dhabi while also adding value to their future projects.”
Industry sources added that with approximately 154,000 sq. m. of retail space scheduled to be completed in Dubai and 197,000 sq. m. in Abu Dhabi in the last quarter of 2022, there is a steady rebound in retail rents in annual terms in the UAE. Retail owners are increasingly recognizing the importance of differentiating their offerings in a landscape where there is an abundance of supply. In view of greater competition, malls are introducing more experiential retail concepts and are seeking to have a greater variety of outlets for visitors to their properties.
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