Aldar and Mubadala buy Abu Dhabi commercial tower in $122.5m deal – The National

Aldar and Mubadala buy Abu Dhabi commercial tower in $122.5m deal – The National

Aldar Properties and Abu Dhabi's sovereign wealth fund Mubadala Investment Company have partnered to acquire Al Maryah Tower in the UAEs capital, in a deal valued at Dh450 million ($122.5 million).

The purchase of the 25-storey prime Grade A commercial office property on Al Maryah Island follows the recent acquisition of four commercial towers from Mubadala in July 2022 by Aldar Properties at Abu Dhabi Global Market, the emirate's international financial centre.

The deal strengthens the partnership between the two companies and "reflects Mubadala’s collaborative approach to driving the growth of Abu Dhabi’s real estate market and provides Aldar with control of all Grade A office space", the companies said in a statement on Wednesday.