UAE’s Aldar, Mubadala to develop new commercial assets

UAE’s Aldar, Mubadala to develop new commercial assets

Aldar Properties and Mubadala Investment Company have signed heads of terms to develop commercial assets in Al Maryah Island, Abu Dhabi, which will be located within the capital’s award-winning international financial centre and free zone Abu Dhabi Global Market (ADGM).

The joint venture once finalised will contribute to ADGM’s thriving ecosystem, providing capacity for more businesses to operate from Al Maryah Island. It follows Aldar’s acquisition of the four commercial towers at ADGM from Mubadala and a subsequent deal between the two parties to partner in the acquisition of Al Maryah Tower, both of which were completed in 2022.

The partnership is a testament to the long-standing ambition of both Aldar and Mubadala to drive growth in Abu Dhabi’s real estate market and to play a pivotal role in developing the commercial office offering on Al Maryah Island, which continues to experience a surge in demand.

As a result of Aldar’s active asset management and the increased leasing activity, office leasing occupancy of the four ADGM office towers has reached 96 percent.

Aldar will own a 60 percent stake in the joint venture, with Mubadala holding the remaining 40 percent. Upon completion of the initial office tower’s construction, which is expected by the end