Aldar Properties, Mubadala to jointly develop commercial tower on Al Maryah Island

Aldar Properties, Mubadala to jointly develop commercial tower on Al Maryah Island

Aldar Properties and Mubadala have signed a heads of terms agreement to jointly develop commercial assets on Al Maryah Island in Abu Dhabi. The joint venture once finalised will bolster ADGM’s busy ecosystem, providing capacity for more businesses to operate from Al Maryah Island. This follows on Aldar’s acquisition of the 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 will see the development of commercial office offerings on Al Maryah Island, which continues to experience a surge in demand. In fact, according to Aldar, office leasing occupancy of the four ADGM office towers has reached 96 per cent. Aldar will own a 60 per cent stake in the joint venture, with Mubadala holding the remaining 40 per cent. Upon completion of the initial office tower’s construction, which is expected by the end of 2026, the property will be managed by Aldar Investment, which currently houses over Dhs32bn of assets under management. The office tower will have a total net leasable area of 63,000 square metres and aims to be LEED Gold certified. It will offer a varied mix of micro-office,