To jointly develop commercial properties on Al Maryah Island in Abu Dhabi, Aldar Properties and the sovereign wealth fund of Abu Dhabi, Mubadala Investment Company, signed a contract. 

According to a joint statement released by the companies on Thursday, the new assets, which will be developed through a joint venture, will be situated inside Abu Dhabi Global Market (ADGM), the capital's international financial hub. 

60% of the joint venture will be owned by Aldar, and the remaining 40% by Mubadala. 

Khalifa Al Romaithi, executive director of UAE real estate at Mubadala, stated that by partnering with Aldar, "we are reaffirming our commitment to strengthen the business ecosystem and draw top partners to Al Maryah Island.".   

After an initial office tower is built, which is anticipated to be finished by the end of 2026, the property will be managed by Aldar Investment, which already has more than Dh32 billion in assets under management. 

A total net area of 63,000 square meters will be available for lease in the office tower. Micro-office, multi-tenanted, and single-tenanted floors will all be available. 

More than 400,000 sq m of net leasable commercial office space will be available through Aldar Investment after the addition of the new tower.

Under the new project by Aldar and Mubadala, the initial office tower’s construction is expected to be completed by the end of 2026, according to the statement.

The property will be managed by Aldar Investment, which currently has more than Dh32 billion ($8.71 billion) of assets under management.

“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,” said Jassem Saleh Busaibe, chief executive of Aldar Investment.

“The first project enables us to take the necessary steps to satisfy the current pent-up demand, with plans for more to come.”