Aldar, Mubadala to develop commercial assets on Al Maryah Island
ABU DHABI, March 30, 2023
Aldar Properties and Mubadala Investment Company have signed heads of terms to develop commercial assets in Al Maryah Island, which will be located within the capital's international financial centre and free zone Abu Dhabi Global Market (ADGM).
Under this, Aldar will own a 60% stake in the joint venture, while the rest will be held by Mubadala.
The joint venture, once finalised, will contribute to ADGM’s thriving ecosystem, providing capacity for more businesses to operate from Al Maryah Island, said Aldar in a statement.
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, it added.
The partnership is a testament to the long-standing ambition of both Aldar and Mubadala to drive growth in Abu Dhabi’s real estate market and to play a pivotal role in developing the commercial office offering on Al Maryah Island, which continues to experience a surge in demand.
As a result of Aldar’s active asset management and the increased leasing activity, office leasing occupancy of the four ADGM office towers has reached 96%.
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 AED32 billion of Assets Under Management.
The office tower will have a total net leasable area of 63,000 sqm and aims to be LEED Gold certified. It will offer a varied mix of micro-office, multi-tenanted, and single-tenanted floors.
The addition of the new tower will bring Aldar Investment’s total net leasable area of commercial office space to over 400,000 sqm, said a top official.
“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," remarked Jassem Saleh Busaibe, the CEO of 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 more to come," he added.
Khalifa Al Romaithi, Executive Director of the UAE Real Estate at Mubadala, said Al Maryah Island is a one-stop destination that provides unrivalled 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,” he added.-TradeArabia News Service
