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Mubadala and Aldar reveal $8bn property collaboration

By Valentina Pasquali
The Mubadala and Aldar tie-up will include a retail platform to oversee properties such as Yas Mall Matthew Walker/Alamy via Reuters
The Mubadala and Aldar tie-up will include a retail platform to oversee properties such as Yas Mall
  • Joint ventures launched
  • AED30bn of Abu Dhabi property
  • Includes retail and residential

Abu Dhabi’s sovereign wealth fund Mubadala and its largest property developer, Aldar, have joined forces to develop and manage more than AED30 billion ($8.17 billion) worth of real estate across the emirate.

The partnership, announced Wednesday, will be structured through four joint ventures. It will be owned 60 percent by Aldar and 40 percent by Mubadala, which will contribute its land bank, according to a press release.

Ultimately, the tie-up will include a single AED9 billion retail platform to oversee prime shopping centres such as Yas Mall and the Galleria Luxury Collection at Abu Dhabi Global Market. 

It will also encompass purchases of “mature” residential and commercial properties in Masdar City for AED3 billion, the fresh development of two islands off of Saadiyat Island and Yas Island for AED13 billion, and the establishment of a AED5 billion industrial logistics park by Zayed International Airport.

“We expect these opportunities to deliver attractive returns for our shareholders and to make a notable contribution to Abu Dhabi’s development as a premier international business and lifestyle destination,” Talal Al Dhiyebi, Aldar’s group chief executive, said in a statement. 

The two companies established a previous joint venture in 2022, when they came together to buy Al Maryah Tower and develop Grade A office space in Abu Dhabi’s international financial centre, according to the press release. 

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