Aldar and Mubadala to meet strong demand for office space in Abu Dhabi

Aldar Properties (Aldar) and Mubadala Investment Company (Mubadala), an Abu Dhabi sovereign investor, on Monday broke ground at One Maryah Place, a two-tower Grade A commercial development on Al Maryah Island, Abu Dhabi’s leading business and lifestyle destination.

Located within Abu Dhabi Global Market (ADGM), an award-winning international financial centre, the project is set to add further high-quality commercial space to the ADGM freezone as demand continues to grow from global corporations and financial institutions.

The project will deliver approximately 98,000 square metres of Grade-A office space across two connected towers, adding considerable weight to ADGM’s position as the region’s premium financial centre.

The towers, which are connected by an indoor walkway, will feature ground-floor retail units, a flagship rooftop dining venue, a mosque, and five levels of basement parking offering nearly 2,200 spaces.

One Maryah Place is located within a central area of Al Maryah Island, with indoor connectivity to Al Maryah Tower, The Galleria Al Maryah Island and ADGM Square.

Future tenants will also benefit from direct connections to Abu Dhabi City, Al Reem Island, and Saadiyat Island.

Jassem Saleh Busaibe, Chief Executive Officer of Aldar Investment, said: “The demand for Grade A commercial space on Al Maryah Island continues to rise as more and more international blue-chip companies look to establish their regional headquarters in ADGM, Abu Dhabi’s premium financial centre.”

“Alongside Mubadala, we are developing One Maryah Place, which includes two premium office towers that are well located with large floor plans and fantastic amenities and will appeal to businesses looking to either enter Abu Dhabi for the first time or relocate to a new Grade A space.”

Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala’s UAE Investments Platform, said: “One Maryah Place reflects our joint commitment to investing in Abu Dhabi’s future as a global business and investment destination.”

“The development is designed to not only meet the increasing demand for world-class office space from international companies seeking to establish a presence in ADGM, but to do so sustainably, with both towers targeting LEED Gold certification and an Estidama 3 Pearl rating.”

This approach aligns with our values as a responsible investor that continues to shape the future of our communities through good environmental, social and corporate governance practices. We are confident that One Maryah Place will further elevate Al Maryah Island’s position as a leading business and lifestyle destination.”

Mubadala and Aldar are longstanding partners with a shared commitment to Abu Dhabi’s growth.

Building on Aldar’s initial acquisition of four Grade-A office towers at ADGM in 2022, the partners jointly acquired Al Maryah Tower, a prime commercial property on Al Maryah Island. This strategic partnership leverages Aldar’s deep market expertise, evidenced by their impressive 97 per cent occupancy rate across their commercial portfolio (with the ADGM towers reaching 95 per cent by H1 2024), and Mubadala’s commitment to driving sustainable economic development in the UAE.

The strong demand and high occupancy rates of commercial space reflect the robust performance of Abu Dhabi’s commercial property market, supported by the stable regulatory environment alongside business- and investor-friendly policies on offer in the UAE.

Upon completion, One Maryah Place will be incorporated into the Aldar Investment Properties (AIP) portfolio, which encompasses Dhs27 billion of income-generating real estate assets.

Aldar is the leading real estate developer, manager, and investor in Abu Dhabi, with a growing presence across the United Arab Emirates, the Middle East and North Africa, and Europe.

The company has two core business segments, Aldar Development and Aldar Investment.

Aldar Development is a master developer of a 69 million sqm strategic landbank, creating integrated and thriving communities across Abu Dhabi, Dubai, and Ras Al Khaimah’s most desirable destinations.

The delivery of Aldar’s developments is managed by Aldar Projects, which is also a key partner of the Abu Dhabi government in delivering housing and infrastructure projects across the UAE’s capital.

Internationally, Aldar Development wholly owns UK real estate developer London Square, as well as a majority stake in leading Egyptian real estate development company, SODIC.

Aldar Investment houses a core asset management business comprising a portfolio of more than Dhs37 billion worth of investment grade and income-generating real estate assets diversified across retail, residential, commercial, logistics, and hospitality segments.