Aldar Properties And Mubadala Launch Two New Commercial Towers On Al Maryah Island

Aldar Properties and Mubadala Investment Company have initiated construction on One Maryah Place, a significant commercial project on Al Maryah Island. This development, situated in the Abu Dhabi Global Market (ADGM), aims to enhance the availability of premium office space as global demand rises. The project will provide around 98,000 square metres of Grade-A office space across two interconnected towers.

The towers at One Maryah Place will be linked by an indoor walkway and will include ground-floor retail spaces, a rooftop dining venue, a mosque, and extensive basement parking with nearly 2,200 spaces. This strategic location offers indoor connectivity to Al Maryah Tower, The Galleria Al Maryah Island, and ADGM Square. Future tenants will also have direct access to Abu Dhabi City, Al Reem Island, and Saadiyat Island.

Jassem Saleh Busaibe, CEO of Aldar Investment, highlighted the growing demand for Grade A office space on Al Maryah Island. He stated that international companies are increasingly choosing ADGM as their regional headquarters. "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," he said.

Khalifa Al Romaithi from Mubadala emphasised their commitment to Abu Dhabi's growth as a business hub. "One Maryah Place reflects our joint commitment to investing in Abu Dhabi's future as a global business and investment destination," he noted. The development targets LEED Gold certification and an Estidama 3 Pearl rating to meet sustainability goals.

This collaboration between Aldar and Mubadala combines Aldar's market expertise with Mubadala's focus on sustainable economic growth. Aldar boasts a 97% occupancy rate across its commercial properties, with ADGM towers expected to reach 95% occupancy by mid-2024. This high demand underscores the strength of Abu Dhabi's commercial property market.

Upon completion, One Maryah Place will join the Aldar Investment Properties portfolio. This portfolio includes AED27 billion worth of income-generating real estate assets. The stable regulatory environment in the UAE supports this robust performance alongside business-friendly policies.

The project is strategically positioned within Al Maryah Island’s central area. It enhances ADGM’s status as a leading financial centre in the region by providing additional high-quality office spaces for global corporations and financial institutions seeking presence in Abu Dhabi.

With inputs from WAM