UAE: Sheikh Khaled Unveils Dh30 Billion Partnership Between Mubadala And Aldar
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, has launched a new collaboration between Mubadala Investment Company and Aldar Properties. This partnership aims to create joint ventures managing residential, commercial, retail, and logistics assets in Abu Dhabi valued at over Dh30 billion. His Highness highlighted the importance of such collaborations in boosting Abu Dhabi's growth as a global business hub.
The partnership will leverage Mubadala’s land and expertise alongside Aldar’s development skills. It will be owned 60% by Aldar and 40% by Mubadala. The ventures aim to enhance Abu Dhabi's retail landscape, acquire sustainable properties in Masdar City, develop islands near Saadiyat and Yas Islands, and establish a logistics park near Zayed International Airport.
Mubadala and Aldar plan to create a Dh9 billion retail platform encompassing premier shopping destinations in Abu Dhabi. Yas Mall from Aldar and The Galleria Luxury Collection from Mubadala will be part of this initiative. This platform aims to attract luxury brands and offer exceptional retail experiences through a unified strategy.
In Masdar City, the partners intend to form a joint venture owning AED3 billion worth of income-generating assets. These properties cover over 400,000 square metres with more than 95% occupancy. The venture will include LEED-certified buildings within the Masdar City Green REIT and additional assets under construction.
Utilising Mubadala’s prime land holdings, the companies plan to develop luxury waterfront communities on two islands near Saadiyat Island and Yas Island. These projects have a combined development value of Dh13 billion. One island is located between Saadiyat Marina and Reem Island, while the other lies between Yas Island and Al Raha.
Additionally, there are plans for a Dh5 billion industrial logistics park in Al Falah with a gross floor area of 1.2 million square metres. This site is strategically positioned within 2km of Zayed International Airport and offers easy access to major highways.
During the signing ceremony for this strategic partnership, Sheikh Khaled was joined by key figures including Khaldoon Khalifa Al Mubarak from Mubadala Investment Company, Mohamed Khalifa Al Mubarak from Aldar Properties, Waleed Al Mokarrab Al Muhairi from Mubadala Investment Company, Talal Al Dhiyebi from Aldar Properties, and Dr Bakheet Al Katheeri from Mubadala’s UAE Investments Platform.
This collaboration underscores the potential for public-private partnerships to drive sustainable economic growth in Abu Dhabi while showcasing investment opportunities within its business-friendly environment.
With inputs from WAM
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