The companies said in a statement that Aldar and Mubadala Investment Company have finalized a joint venture (JV) in an attempt to develop a retail platform valued at gross assets of about Dhs10 billion ($2.7 billion).
The platform will operate under Aldar and will comprise Yas Mall, which will be contributed by Aldar, and The Galleria Luxury Collection, contributed by Mubadala.
The two assets have a combined gross leasable area of 260,000 square metres. The companies said that occupancy at the Yas Mall is 99 percent, and The Galleria Luxury Collection is 92 percent occupied.
The joint venture coincides with the recently declared expansion of the Al Maryah Island, an expansion worth over Dhs60 billion, which involves additional commercial, residential, retail, and hospitality projects.
Talal Al Dhiyebi, group chief executive officer of Aldar, said, “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 set 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, stated, “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.”
Dr Al Katheeri added, “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.”
The platform will create operational and revenue synergies under the management of Aldar. The Darna digital loyalty programme launched by Aldar has been implemented at The Galleria Luxury Collection and The Galleria Al Maryah Island.
The companies reported that the deal builds on the current partnership between Aldar and Mubadala in various real estate markets.
