Mubadala Investment Company and Aldar have reached a joint venture (JV) to develop the north side of Al Maryah Island, strengthening Abu Dhabi’s international financial centre.
The Dh60bn ($16.3bn) expansion is planned on nearly 500,000m² of land, which is the final undeveloped portion of the island.
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The mixed-use development will include about 1.5 million square metres of gross floor area. This area will include office buildings, residences, retail spaces, and hotel facilities.
The expansion will nearly double the existing Grade A office space on Al Maryah Island, providing more than 450,000m² of additional capacity.
It will offer more than 3,000 waterfront residences and expand hotel options to cater to rising demand from business and leisure visitors.
The development is located in Abu Dhabi’s financial district and aims to support connectivity and sustainability.
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By GlobalDataThe project’s master plan includes 2.5km of air-conditioned walkways for pedestrians, more than 12,000 parking spots, and open space that will make up 20% of the area.
The project design envisions three new bridges to link the island’s north side with Reem Island and the Abu Dhabi mainland, aiming for improved connectivity within the financial district and ensuring Saadiyat Island is less than ten minutes away by car.
Al Maryah Island currently houses many active companies within Abu Dhabi Global Market (ADGM), which reports over 11,000 licences in its free zone and approximately 40,000 professionals working in the district.
The new phase of development is expected to support ADGM’s continued growth by accommodating further office and residential demand.
Current infrastructure includes amenities such as The Galleria shopping centre, the Cleveland Clinic Abu Dhabi hospital, and a sports hub known as ACTIVE.
The master plan also includes an additional 40,000m² of retail and dining facilities along with a marina.
Enabling works for construction are scheduled to begin in 2026.
Aldar holds a 60% ownership of the JV and Mubadala owns 40%.
Mubadala United Arab Emirates (UAE) Investments Platform CEO Bakheet Al Katheeri said: “This landmark joint venture marks a defining moment in realising the full potential of Al Maryah Island. As Abu Dhabi’s premier business and lifestyle destination, Al Maryah has always embodied Mubadala’s long-term commitment to cultivating globally competitive, future-ready destinations.
“By unlocking the island’s final major landbank, we are accelerating its evolution into one of the world’s most dynamic financial and lifestyle hubs – expanding its commercial strength, enhancing its residential and retail offering, attracting international investors, and reinforcing its vital role at the heart of Abu Dhabi’s economic diversification journey.”
The partners are also moving towards completing a legal agreement for joint ownership and operation of several key Abu Dhabi shopping venues.
The planned expansion represents an extension of Mubadala and Aldar’s investment activity across various asset classes in Abu Dhabi’s real-estate sector.
Aldar group CEO Talal Al Dhiyebi said: “This expansion represents a pivotal milestone for Abu Dhabi’s continued growth as a global financial centre, with ADGM at its heart.
“With Mubadala and Aldar’s proven track record in master-planning and delivering iconic destinations, we are collaborating to create a world-class, mixed-use environment that will attract leading businesses, investors and talent from around the world.
“It will support the UAE’s vision for a diversified and knowledge-based economy while enhancing the capital’s allure as a place to live, work and invest.”
