Aldar Properties and Mubadala Investment Company have signed an agreement to develop office space on Al Maryah Island as part of the International Financial Center and the free zone of the Abu Dhabi Global Market. The joint project is a continuation of the successful partnership between the two companies and will advance the development of the promising business system in the Abu Dhabi Global Market. Aldar will hold a 60% stake, while Mubadala will hold 40%. After construction completion, Aldar Investments will manage the new LEED Gold certified office tower providing a gross leasable area of 63,000 square meters. The development plan consisting of several phases will increase the supply of prime office space on Al Maryah Island. The joint venture is committed to attracting distinguished partners to develop the business environment and continue the growth of Al Maryah Island as a business and lifestyle destination.
Aldar Properties (Aldar) and Mubadala Investment Company (Mubadala) have signed a contract to develop office space on Al Maryah Island within the International Financial Center and the free zone of the Abu Dhabi Global Market.
Upon its completion, this joint project, which comes as a continuation of the fruitful cooperation and successful partnership between the two companies, will contribute to advancing the development wheel within the promising business system in the Abu Dhabi Global Market, which will allow more companies to run their businesses from the heart of Al Maryah Island. This follows Aldar’s acquisition of four commercial towers owned by Mubadala in the Abu Dhabi Global Market, as well as Aldar’s acquisition, in partnership with Mubadala Investments, of Al Maryah Tower, in two deals concluded last year.
Aldar owns a 60% stake, while Mubadala will own 40%. After the completion of the construction of the tower, which is expected by the end of 2026, it will be managed by Aldar Investments, whose business portfolio includes more than 32 billion dirhams of assets under management. The office tower, which is targeting LEED Gold certification, has a gross leasable area of 63,000 square metres, offering a diverse mix of options, including floors dedicated to small office spaces, multi-tenant floors and single floors. This new tower will increase the leasable commercial office space of Aldar Investment Company to more than 400,000 square metres.
Jassim Busaibe, CEO of Aldar Investments, said: “Through its distinguished approach to managing and leasing office space in the four towers of Abu Dhabi Global Market, Aldar continues to register strong demand for Class ‘A’ office space on Al Maryah Island. With a development plan consisting of several phases, the joint venture will continue to increase the supply of prime office space on the island, thus contributing to the consolidation of the Abu Dhabi Global Market Free Zone’s position as a prominent financial center on the global level. This new project will enable us to take the necessary steps to respond to this continuous demand and meet future needs.”
For his part, Khalifa Al-Rumaithi, Executive Director of the Real Estate Unit in the UAE, in the investment sector in the Emirates, in the Mubadala Investment Company, said: “This joint venture with Aldar represents another achievement that adds to the record of our strong partnership, and also confirms our commitment to continuing the development of Al Maryah Island, as a business destination and a lifestyle.” Modern life in Abu Dhabi. Al Maryah Island, which hosts the Abu Dhabi Global Market, is an international center with all the elements of business growth and attractive opportunities for all companies from all over the world. Thanks to its advanced facilities and modern infrastructure, Al Maryah Island has become an integrated destination that allows individuals to work, live, shop and entertain within a comprehensive experience. We would like, through this joint venture with Aldar, to confirm our commitment to developing the business environment and working to attract distinguished partners on Al Maryah Island.”
In conclusion, the partnership between Aldar Properties and Mubadala Investment Company is set to bring regarding another major development on Al Maryah Island in Abu Dhabi. Through this joint venture, a new office tower will be built to provide a diverse mix of commercial office spaces. As a continuation of their successful partnership, this project is expected to contribute to the advancement of the business system in Abu Dhabi Global Market, attracting more companies to the island. With a development plan consisting of several phases, this joint venture is committed to further increasing the supply of prime office space on Al Maryah Island, making it a prominent financial center on a global level. This project reflects the commitment of both companies to developing the business environment and attracting distinguished partners to Al Maryah Island.
