Aldar And Mubadala Launch AED 10 Billion Luxury Retail Platform In Abu Dhabi

Aldar and Mubadala Investment Company have finalised a strategic retail joint venture, creating a large Abu Dhabi platform for luxury shopping destinations. The new entity is managed by Aldar and combines two major malls, supporting Abu Dhabi’s growth ambitions as a global hub for high‑end, curated retail experiences.

The joint venture brings together Yas Mall, contributed by Aldar, and The Galleria Luxury Collection, contributed by Mubadala. Both assets are income‑producing and have a combined gross asset value of about AED 10 billion, giving the platform a substantial base and strong presence in the capital’s retail market.

The platform benefits from high occupancy levels that provide predictable rental income. Yas Mall currently reports 99 percent occupancy, while The Galleria Luxury Collection stands at 92 percent. These figures underline steady tenant demand and support the long‑term commercial case for the combined Abu Dhabi luxury retail portfolio.

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Under Aldar’s management, the retail platform is expected to create value through operational and revenue synergies. Shared management structures and integrated strategies aim to streamline operations across both destinations. The approach is designed to improve efficiency, enhance leasing performance and strengthen the customer journey throughout the unified luxury retail network.

The partnership directly links to the recently announced AED 60+ billion expansion of Al Maryah Island. That wider programme aims to strengthen the island’s position as Abu Dhabi’s leading business and lifestyle district. The joint venture is set to support this plan by aligning retail offerings with the island’s expanding commercial and residential community.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented, "This milestone marks the foundation of Abu Dhabi’s future luxury retail ecosystem, which will be underpinned by the creation of elevated and signature customer experiences. Together with Mubadala, we are connecting Abu Dhabi’s flagship retail destinations under Aldar’s management and creating a retail champion that will not only elevate the Emirate’s global appeal but also sets a new standard for how luxury retail is curated, experienced, and scaled."

Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, said, "This retail joint venture marks a significant milestone in our strategic partnership with Aldar and reinforces Mubadala’s commitment to cultivating competitive, future-ready destinations. It also represents the latest expression of Mubadala’s long-standing mandate to build national champions across critical industries since our inception. This partnership is poised to unlock the full potential of Al Maryah Island, driven by the district’s proven success and the growing demand from global businesses and residents to be part of Abu Dhabi’s leading business and lifestyle destination."

Aldar’s digital loyalty programme, Darna, is already live at The Galleria Luxury Collection and The Galleria Al Maryah Island. The scheme allows customers to earn and redeem rewards across the destination. This integration is intended to deepen engagement, encourage repeat visits and support higher spending across the broader retail platform.

The completion of the Aldar and Mubadala retail joint venture represents a key stage in their long‑term cooperation. It reflects a broader strategy to work together across different real estate segments in Abu Dhabi. The partners now hold a consolidated luxury retail platform that supports Al Maryah Island’s expansion and strengthens the emirate’s wider business and lifestyle offering.

With inputs from WAM