Aldar Properties (Aldar) and Mubadala Investment Company (Mubadala) have teamed up to develop commercial assets on Abu Dhabi’s Al Maryah Island, which is located within the Abu Dhabi Global Market (ADGM) — the capital’s renowned international financial centre and freezone.
This joint venture is a result of Aldar’s acquisition of four commercial towers at ADGM from Mubadala, and a subsequent agreement to partner in the acquisition of Al Maryah Tower. The new project will add another office tower to the island, aiming to be LEED Gold certified with 37 floors on a total net leasable area of 63,000 sqm.
The project will contribute to ADGM’s thriving ecosystem by providing capacity for more businesses to operate from Al Maryah Island. It is also a testament to Aldar and Mubadala’s long-standing ambition to drive growth in Abu Dhabi’s real estate market and play a pivotal role in developing commercial office offering on Al Maryah Island. The increased leasing activity has resulted in office leasing occupancy of four ADGM office towers reaching 96%.
Initial Office Tower Construction by 2026
Aldar will hold a 60% stake in the joint venture, with Mubadala holding the remaining 40%. The initial office tower’s construction is expected to be completed by the end of 2026. The new tower will offer micro-office, multi-tenanted, and single-tenanted floors, bringing Aldar Investment’s total net leasable area of commercial office space to over 400,000 sqm.
Jassem Saleh Busaibe, Chief Executive Officer, Aldar Investment, said, “Through our ongoing management and successful leasing programme of the four ADGM office towers, we continue to see considerable demand for Grade A office space on Al Maryah Island. This venture will continue to increase the supply of prime office space to ensure ADGM freezone grows from strength to strength as a financial centre of global significance. The first project will help us under take necessary steps to fulfill current pent-up demand, with plans for more to come.”
Khalifa Al Romaithi, Executive Director, UAE Real Estate, Mubadala Investment Company, commented, “Our joint venture represents our commitment to transform Al Maryah Island into Abu Dhabi’s premier lifestyle and business destination. With its world-class offering, Al Maryah Island is a one-stop destination that provides unrivalled connectivity for people to work, live, shop, and play. Through this venture, we are solidifying our commitment to enhance the business ecosystem and attract prime partners to Al Maryah Island.”
The initial office tower will be located close to ADGM, Cleveland Clinic, The Galleria Al Maryah Island, as well as several hospitality and lifestyle offerings. It will benefit from air-conditioned connectivity to Al Maryah Island’s wider ecosystem, including Al Maryah Tower, The Galleria Al Maryah Island, ADGM Square, Rosewood, Four Seasons, and Cleveland Clinic Abu Dhabi.
ADGM, established in October 2015 on Al Maryah Island, is Abu Dhabi’s fastest-growing and leading international financial centre, that which provides un-rivaled connectivity for people to work, live, shop, and play. With major regional and international industry players gravitating towards the capital, Abu Dhabi’s rising falcon economy has continued to flourish exponentially.
Aldar Properties PJSC is a prominent real estate developer, investor, and manager in the UAE. Its operating model comprises two core businesses: Aldar Development and Aldar Investment, both of which are diversified and sustainable. Aldar Development is responsible for Property Development and Sales, Project Management Services, and managing Aldar’s investment in the Egyptian real estate company SODIC. It markets Aldar’s diverse and strategic land bank of 69 million Sqm located in key investment zones across Abu Dhabi, Dubai, and Ras Al Khaimah.
Aldar Investment manages over Dirham 32 billion of assets under management, comprising Investment Properties, Aldar Logistics, Aldar Education, Aldar Estates, and Aldar Hospitality and Leisure. Investment Properties houses Aldar’s core asset management business, while Aldar Logistics owns a 70% stake in Abu Dhabi Business Hub. Aldar Investment manages Aldar’s entire educational portfolio, including 28 operated and managed schools and a growing network of 3,000 educators from over 100 nationalities. Aldar Estates consolidates Aldar’s retail, residential, and commercial real estate operations under one integrated property management platform. Aldar Hospitality and Leisure manages Aldar’s portfolio of hotel and leisure assets, including 13 hotels comprising over 4,250 hotel keys.
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the government of Abu Dhabi. Mubadala’s $284 billion (Dirham 1045 billion) portfolio spans six continents with interests in multiple sectors and asset classes.
Mubadala leverages deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit while supporting the continued diversification and global integration of the UAE economy.