Yas Mall attracts 40 million visitors since opening

Last year, Aldar reported that for the period from the end of 2014 until February 2016, the mall received more than 20 million visitors – 18 million of them in 2015.

Last year, Aldar reported that for the period from the end of 2014 until February 2016, the mall received more than 20 million visitors – 18 million of them in 2015. Delores Johnson / The National

Abu Dhabi’s Yas Mall reported drawing about 40 million visitors in the near two-year period since it opened in Nov­ember 2014.

“We are continually looking for new ways to engage with our visitors of all ages, including both tourists and residents … to enable Abu Dhabi to become one of the world’s leading retail destinations,” said Mohamed Al Mubarak, the chief executive of Aldar Properties, which owns the mall.

Last year, Aldar reported that from the end of 2014 to February 2016, the mall received more than 20 million visitors – 18 million of them in 2015.

Yas Mall had a 96 per cent occupancy rate in the third quarter of last year, helping Aldar to report a 16 per cent rise in profit for the period to Dh737 million.

Last year, total retail space in Abu Dhabi stood at 2.6 million square metres, according to a report from JLL this month. About 85,000 sq metres of retail space is scheduled for completion this year, and will be located in residential communities or towers. A further 382,000 sq metres is forecast for 2018.

While rents remained steady at Abu Dhabi malls last year, the average fourth-quarter vacancy rate was at 2 per cent of the total space available, compared with 9 per cent in Dubai.

“[In Abu Dhabi] retailer sales performance is expected to remain under pressure in the wake of job cuts, government spending cuts and weaker market sentiment,” said JLL.

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