The acquisition of the 25-storey Al Maryah Tower in an investment deal worth AED 450 million
The transaction will enhance Aldar’s portfolio of commercial assets and increase its total investment in fixed income assets to AED 7.4 billion year-to-date
The agreement is in line with Mubadala’s plans to contribute to the diversification of the UAE economy, the development of the real estate sector, as well as the strengthening of Abu Dhabi’s international financial center on Al Maryah Island
Abu Dhabi, UAE: Aldar Properties (“Aldar”) announces the signing of a partnership with “Mubadala Investment Company” (“Mubadala”), the sovereign investment company in Abu Dhabi, to develop Al Maryah Tower, a premium class commercial tower located on Al Maryah Island located, to be acquired, the premier business and lifestyle destination and the leading international financial center in Abu Dhabi.
This agreement is in line with Mubadala’s approach of collaboration and building partnerships to drive growth and diversify Abu Dhabi’s economy. Under which Aldar will become the operator of all premium class commercial spaces in the Abu Dhabi Global Market, following its recent acquisition of four commercial towers from Mubadala in July 2022. The transaction will enhance the efforts of the two parties to develop the business environment in the Abu Dhabi Global Market, supports its competitive potential, and attracts prestigious international companies to its community you have not slept.
Aldar will hold a majority stake of 60%, while Mubadala will retain the remaining 40% stake. The assets will be managed by Aldar Real Estate Investment Company, one of the largest diversified real estate investment companies in the region, bringing the total leasable area in the company’s portfolio to two million square meters.
The acquisition deal, which amounts to 450 million dirhams, is in line with Mubadala’s role in diversifying the UAE’s economy, in addition to its role in developing the real estate sector in the capital, and consolidating the position of the international financial center in Abu Dubai. also contributes to the expansion of Aldar’s portfolio of commercial assets to keep up with the rise in occupancy rates and demand for premium class commercial space in the International Financial Centre. The 25-storey tower is located alongside Aldar’s four commercial towers in Abu Dhabi Global Market and will add further diversification and value to Aldar’s growing portfolio of commercial assets.
On this occasion, Khalifa Al Rumaithi, Executive Director of the UAE Real Estate Unit of Mubadala’s investment sector, said: “This acquisition confirms Mubadala’s commitment to the growth and advancement of the real estate market in Abu Dhabi, and contributes to the consolidation of Abu Dhabi’s position as one of the most desirable places to live, work and visit in the country.” Mubadala is the lead developer of Al Maryah Island, and we are confident that Aldar, as the leading national property development, management and investment company, is the ideal partner and has the appropriate operational expertise to enable it set to enhance the position of Abu Dhabi Global Market and Al Maryah Island as one of the most leading destinations for business, leisure and entertainment in the region.
For his part, Jassim Busaibe, CEO of Aldar Investments, said: “Demand for premium class commercial space continues to grow in Abu Dhabi, which we have noticed remarkably in the Abu Dhabi Global Market, where the occupancy rate is now around 90% over our four commercial towers that we have acquired.” And by adding Al Maryah Tower to our portfolio of commercial assets, we will be able to meet this growing demand while achieving further expansion and improving the efficiency of our fixed income generating assets. “
Al Maryah Tower is expected to receive its first tenants during the year 2023, as it will offer a variety of options of single and multiple office spaces on a gross leasable area of 32,000 square meters. The two parties in the joint venture will also gain ownership of the parking lot, which can accommodate more than 1,000 vehicles, and has a larger area per car compared to the average approved by the municipality at 1:31 square meters per vehicle, which gives it a competitive advantage compared to other commercial spaces of the premium category in the city of Abu Dhabi.
Al Maryah Tower enjoys a privileged and attractive location on Al Maryah Island, adjacent to Abu Dhabi Global Market, Cleveland Clinic Abu Dhabi and The Galleria on Al Maryah Island, in addition to many hospitality assets. In order to improve the tower’s connectivity with nearby landmarks and facilities, there are plans to build a bridge connecting the tower to the Galleria on Al Maryah Island, providing easy and direct access to a full range of restaurants, cafes , shop shops to offer. and entertainment attractions.
Opened on Al Maryah Island in October 2015, the Abu Dhabi Global Market is the global financial center and the only financial free zone in the UAE capital, Abu Dhabi, which allows financial institutions operating in it to conduct business carry out activities in the local market. both on Al Maryah Island and beyond. ADGM’s three independent authorities – the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA) and the ADGM Courts – contribute to the functioning of its business-friendly environment in accordance with international best practices recognized by major financial centers around the world around the world.
Aldar executed the largest number of investment transactions this year as it continued to expand and execute its portfolio Its transformational growth strategy. With the acquisition of Al Maryah Tower, Aldar’s total investments in fixed income assets rose to AED 7.4 billion during the year.
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For more information, please call the following numbers:
Head of the Communications Department
investment sector in the UAE
Mubadala Investment Company
Tel: +971 55 700 3779
Obaid Al Yamahi
Aldar Property Company
+971 2 810 5555
Omar Abu Khadra
+971 4 560 9638
Mubadala Investment Company is a sovereign investment company that manages a global business portfolio, with a mission to achieve sustainable financial returns for the Abu Dhabi Government.
Mubadala’s business portfolio, which amounts to AED 894 billion (US$ 243.4 billion), is spread over 6 continents. The company invests in many sectors and in various asset classes, leveraging its excellent experience in various sectors as well as its long-term global partnerships, to achieve gains and contribute to the process of sustainable growth, in support of efforts to build a diversified national economy integrated with the global economy. The headquarters of Mubadala is located in Abu Dhabi, and it has offices in London, Moscow, New York. York and Beijing.
For more information about Mubadala, you can visit the company’s official website www.mubadala.com and follow our pages on LinkedIn, Twitter, Instagram and YouTube (@Mubadala).
About Aldar Company
Aldar is a leading property development and management company in the UAE, with a diversified and sustainable operating model supported by two core businesses, Aldar Development and Aldar Investments.
Aldar Development Company continues its leading role in developing integrated communities that enrich the lives of residents across the most sought-after destinations in the Emirate of Abu Dhabi, including Yas Island, Saadiyat Island, Al Raha Beach and Al Reem- island. It also owns a land portfolio of 69 million square metres, comprising three business units: Aldar Projects, and will be responsible for managing the fee-based project management business unit, including a portfolio that includes civic housing and major infrastructure projects; Al Dar Al Riyada, which seizes new business opportunities and develops areas of innovation; and “Aldar Misr”, a platform that focuses on the promising and profitable Egyptian real estate market, as a major market for the development of integrated mixed-use communities.
Aldar Investments is the asset management unit of the Aldar Group, which includes a portfolio of 30 billion dirhams of real estate assets generating recurring income in the retail, residential, commercial, hotel and logistics assets. Aldar Logistics Assets owns a 70% interest in the Abu Dhabi Business Forum complex, which owns a complex of warehouses, offices and industrial facilities strategically located in the Industrial City of Abu Dhabi (ICAD), with a net leasable area of approximately 166,000 square meters. Aldar Investments also manages the three main platforms: Aldar Education, Aldar Properties and Aldar Hospitality and Entertainment.
The “Al Dar Education” platform includes a portfolio of educational assets that include approximately 33,000 students in 28 schools operated and managed by “Al Dar Education”, in addition to a growing network of 3,000 teachers serving more than 100 nationalities belong, and it accepts a wide range of educational curricula and additional services Like a teacher training academy.
While “Aldar Properties” integrates commercial and residential property operations within the portfolio of “Provis”, which specializes in property management, and also includes community management through an integrated property management platform. The Aldar Hospitality and Leisure Company is responsible for overseeing the hotel and leisure asset portfolio of Aldar, which is primarily located on Yas Island and Saadiyat Island, in addition to Ras Al Khaimah. Aldar’s hotel portfolio includes 13 hotels, with a total of 4,250 hotel rooms, in addition to managing operations across golf courses, beach clubs and marinas.
Aldar shares are listed on the Abu Dhabi Securities Exchange (Trading symbol ALDAR: UHThe company’s business achieves stable recurring profits and revenues, and it has a broad and diversified shareholder base. Aldar accepts the best standards of corporate governance, and is committed to managing sustainable operations in the long term, in order to achieve continuous added value for its shareholders.
Aldar adopts an ambitious vision as it aims to be the most trusted developer and property manager in the region, playing a pivotal role in the development of high-quality and convenient destinations that meet the needs of community members and across the necessary ingredients and abilities available for work, living and entertainment.