Aldar Properties, Abu Dhabi’s largest property developer, and Mubadala Investment Company are joining forces to create four joint ventures, managing real estate assets worth over Dh30 billion ($8.1 billion) across Abu Dhabi. The partnership, announced by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, will be structured with Aldar holding a 60% stake and Mubadala owning 40%. Leveraging Mubadala’s land and institutional knowledge along with Aldar’s expertise in development and asset management, the collaboration is expected to deliver significant value to Abu Dhabi.
Key projects include a Dh9 billion retail platform that will oversee premier shopping destinations like Yas Mall and The Galleria Luxury Collection, and a Dh3 billion joint venture for income-generating assets in Masdar City, which boasts over 400,000 square meters of leasable area with more than 95% occupancy. Additionally, the partnership will focus on developing two islands adjacent to Saadiyat and Yas Islands, with a combined development value of Dh13 billion. These will include waterfront villa projects on islands between Saadiyat Marina and Reem Island, and Yas Island and Al Raha. Plans also include a Dh5 billion logistics park near Zayed International Airport with a gross floor area of 1.2 million square meters.
The partnership aligns with previous deals between the two companies, including the acquisition of commercial towers on Al Maryah Island and the development of Abu Dhabi’s retail and commercial landscape. The finalization of this latest venture is expected in the coming months, pending due diligence.
Original source: thenationalnews.com
