As a leading professional services firm specialising in real estate, investment management and development consultancy, JLL said the partnership will see it provide ongoing support for Al Andalusia Courtyard's future projects, in line with the latter's expansion plans across its UAE real estate portfolio.
This includes a Dh160 million internally financed project in Dubai, a Dh60 million owned project comprising 60 luxury townhouses and two mixed-use commercial projects worth more than Dh90 million to be developed in Dubai and Abu Dhabi in 2023.
"We recognise that JLL's global expertise in retail leasing and consultancy will be invaluable as we continue to grow our portfolio and provide development services for third party projects," said Saleh Tabakh, CEO of Al Andalusia Courtyard.
"We are delighted to be working with JLL during the pre-development and design stages to ensure that these projects are delivered in line with market requirements and with the appropriate technical features to facilitate fit-out and operations. Through this enhanced partnership, we are confident of delivering first-class projects in the future," said Tabakh.
With approximately 154,000 sqm of retail space scheduled for completion in Dubai and 197,000 sqm in Abu Dhabi in the final quarter of 2022, retail rents in the UAE are steadily picking up in annual terms.
As the retail real estate landscape in the UAE continues to evolve, there is ample supply for retailers to consider and potential tenants are being more strategic in their choice of locations for new shops.