Aldar Properties and Mubadala Investment Company have signed heads of terms to develop commercial assets on Abu Dhabi’s premier lifestyle and business destination, Al Maryah Island.
According to the statement, it will be located within the capital’s award-winning international financial center and freezone, Abu Dhabi Global Market (ADGM).
Building on a successful and collaborative partnership, the joint venture once finalized 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,” as per the statement.
“Through our ongoing management and successful leasing program of the four ADGM office towers, we continue to see considerable demand for Grade A office space on Al Maryah Island. 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 center of global significance. The first project enables us to take the necessary steps to satisfy the current pent-up demand, with plans for more to come.”
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 of 2026, the property will be managed by Aldar Investment.
Mr. Khalifa Al Romaithi, Executive Director of UAE Real Estate at Mubadala Investment Company, commented that, “Our joint venture with Aldar represents another milestone in our long-standing partnership and commitment to Al Maryah Island as the capital’s premier lifestyle and business destination. Home to ADGM, Al Maryah Island is an international hub for business growth and opportunity in Abu Dhabi, attracting businesses from around the globe.”
“With its world-class offering, Al Maryah Island is a one-stop destination that provides unrivaled connectivity for people to work, live, shop, and play. Through this joint venture with Aldar, we are solidifying our commitment to enhance the business ecosystem and attract prime partners to Al Maryah Island,” Mr. Al Romaithi added.