Both Aldar Group and Mubadala Investment Company have finalized their strategic partnership aimed at establishing a world-class retail platform. This initiative is designed to lead the next phase of development in the retail sector of Abu Dhabi, solidifying the emirate’s status as a premier destination for luxury shopping experiences and innovative retail concepts.
Aldar will manage and operate the new platform, which seeks to unify the key retail and shopping destinations in Abu Dhabi under a single strategic framework. The initial portfolio of this partnership includes high-quality income-generating real estate assets, such as Yas Mall from Aldar and the luxury group in The Galleria from Mubadala, together forming a prominent investment portfolio in the retail sector valued at approximately 10 billion dirhams.
The platform relies on robust and stable cash flows that ensure sustainable income, bolstered by high occupancy rates of 99% at Yas Mall and 92% at The Galleria’s luxury group, reflecting the strong performance of these assets.
This significant partnership deepens and strengthens the long-term strategic collaboration between Aldar Group and Mubadala, directly aligned with the recently announced expansion plans for Al Maryah Island, valued at over 60 billion dirhams. This collaboration is expected to enhance the island’s position and elevate it as Abu Dhabi’s leading hub for business and modern lifestyles.
Talal Al Dhiyabi, CEO of Aldar Group, stated that this move is a fundamental building block for creating an integrated future luxury retail ecosystem in Abu Dhabi, focused on providing exceptional and unprecedented experiences for visitors and shoppers. He emphasized that pooling resources with Mubadala and connecting the emirate’s key shopping venues under Aldar’s management will give rise to a pioneering entity in retail, contributing to Abu Dhabi’s global appeal and setting new innovative standards for designing, managing, and expanding luxury shopping experiences efficiently.
Furthermore, Dr. Bakhit Al Katheeri, CEO of Mubadala’s investments in the UAE, remarked that this strategic partnership represents a crucial milestone in the collaboration with Aldar Group and illustrates Mubadala’s commitment to developing integrated destinations that anticipate future demands.
He noted that the partnership exemplifies the pivotal role Mubadala plays in building and nurturing leading national companies across vital sectors, harnessing strong foundations to unlock the full potential of Al Maryah Island, supported by its proven track record of successes and the increasing demand from global businesses and residents.