Abu Dhabi - Mubasher: Aldar Properties and Mubadala Investment Company developed a joint venture (JV) to create a premier retail platform that will anchor the next phase of Abu Dhabi’s evolution.
Under Aldar’s management, the retail platform will generate a key value through operational and revenue synergies, according to a press release.
The ADX-listed group has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection, both prime income-generating properties with a combined gross asset value of AED 10 billion.
The JV complements the recently announced AED 60 billion expansion of Al Maryah Island, which will further elevate the island’s position as Abu Dhabi’s premier business and lifestyle destination.
Talal Al Dhiyebi, Group CEO of Aldar, commented: “Together with Mubadala, we are connecting Abu Dhabi’s flagship retail destinations under Aldar’s management and creating a retail champion that will not only elevate the Emirate’s global appeal but also sets a new standard for how luxury retail is curated, experienced, and scaled.”
Bakheet Al Katheeri, CEO of UAE Investments Platform at Mubadala, said: "This partnership is poised to unlock the full potential of Al Maryah Island, driven by the district’s proven success and the growing demand from global businesses and residents to be part of Abu Dhabi’s leading business and lifestyle destination.”
Aldar recently added a number of strategic land plots across Abu Dhabi, with a total gross development value of nearly AED 23 billion.
