Skip to content Skip to Search
Skip navigation

Aldar and Mubadala jointly buy Al Maryah Tower for $123m

Towers, buildings, Abu Dhabi WAM
The investment manager will be based in Abu Dhabi, with plans to eventually add offices in the US, Europe and Asia

Aldar Properties and Mubadala Investment Company, an Abu Dhabi sovereign investor, have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property on Al Maryah Island, for AED 450 million ($122.51 million), state-owned WAM news agency reported.

The transaction gives Aldar control of all Grade A office space at Abu Dhabi Global Market (ADGM) following the recent acquisition of four commercial towers from Mubadala in July 2022.

Aldar will hold the controlling stake with 60 percent ownership, while Mubadala will have a 40 percent stake. The asset will be managed by Aldar Investment Properties (AIP), taking its total net leasable area (NLA) across its portfolio to 2 million sq m.

The 25-storey tower is adjacent to Aldar’s four commercial buildings at ADGM, adding further weight to the company’s growing commercial portfolio.

Khalifa Al Romaithi, executive director of the UAE Real Estate Unit at Mubadala’s UAE investments platform, believed the deal would help “position ADGM and Al Maryah Island as the most desirable destination in the region for business, leisure, and entertainment”.

Jassem Saleh Busaibe, chief executive officer at Aldar Investment, said that the four office towers acquired earlier this year at ADGM currently boast an occupancy rate of almost 90 percent amid growing demand for Grade A office space across Abu Dhabi.

He added: “The addition of Al Maryah Tower to our commercial portfolio allows us to meet this growing demand head on, while building scale and driving the efficiency of our recurring income platform.”

Al Maryah Tower is set to welcome its first tenants in 2023, offering single and multi-tenant office space across more than 32,000 sq m of NLA.

The joint venture parties will also take ownership of the car park, with over 1,000 spaces and a parking ratio significantly higher than the municipal average at 1:31 sq m.

Launched in October 2015 on Al Maryah Island, ADGM is Abu Dhabi’s international financial centre and the only financial free zone in the emirate that enables occupiers to conduct both onshore and offshore businesses.

Latest articles

Boat, Transportation, Vehicle

Oman signs LNG supply pact with Turkey’s Botas

State-backed Oman LNG has signed an agreement with Turkey’s Botas Petroleum Pipeline Corporation to supply one million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) for 10 years. The agreement will commence in 2025, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement with Botas […]

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]