Aldar and Mubadala Investment Company have announced the completion of a joint venture to establish a retail platform as part of Abu Dhabi’s development as an international retail destination.
The platform will be managed by Aldar and brings together retail assets in the emirate. Aldar has contributed Yas Mall, while Mubadala has contributed The Galleria Luxury Collection. The two assets have a combined gross asset value of about AED 10 billion.
Occupancy at Yas Mall stands at 99 per cent, while occupancy at The Galleria Luxury Collection stands at 92 per cent.
Aldar and Mubadala complete retail joint venture in Abu Dhabi
The joint venture forms part of the wider collaboration between Aldar and Mubadala and aligns with the expansion of Al Maryah Island, which was recently announced at a value of more than AED60 billion.
The expansion is intended to support the island’s role as a business and lifestyle district.
“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,” Talal Al Dhiyebi, Group Chief Executive Officer of Aldar said in a statement.
“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,” Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala added.
Retail joint venture completed as Al Maryah Island expansion advances
Under Aldar’s management, the platform is expected to generate value through operational and revenue integration.
Aldar’s digital loyalty programme, Darna, is available at The Galleria Luxury Collection and The Galleria Al Maryah Island, allowing customers to earn and use rewards across the locations.
The completion of the transaction represents a further stage in the partnership between Aldar and Mubadala, which now spans multiple real estate categories.
