Aldar and Mubadala in joint venture to build commercial real estate at Abu Dhabi’s Al Maryah Island

Aldar and Mubadala in joint venture to build commercial real estate at Abu Dhabi’s Al Maryah Island

Dubai: Aldar will combine with the Abu Dhabi wealth fund to develop commercial real estate assets on Al Maryah Island. These will be built within the Abu Dhabi Global Market, the financial hub and free zone. Aldar will own a 60 per cent stake in the joint venture, with Mubadala having the rest. The deal follows close on the heels of Aldar’s buy of four at ADGM from Mubadala, which was struck last year. And there was another deal between the two to acquire the Al Maryah Tower, also last year. (The four-tower deal represents one of the biggest for commercial real estate in the UAE.) "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," said Jassem Saleh Busaibe, CEO at Aldar Investment. "Through a phased approach, the joint venture will continue to increase the supply of prime office space on the island to ensure the ADGM freezone grows from strength to strength as a financial centre of global significance. The first project enables us to take the necessary steps to satisfy the current pent up demand, with plans for