His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has launched a new strategic partnership between Mubadala Investment Company (“Mubadala”) and Aldar Properties (“Aldar”) to launch a series of joint ventures to own and manage high-quality residential, commercial, retail and logistics assets across Abu Dhabi with a total investment value exceeding AED 30 billion.
His Highness stressed the importance of strengthening strategic partnerships between the public and private sectors to support the sustainable economic development process in Abu Dhabi, consolidate its position as a leading global destination for business and living, and highlight the investment opportunities offered by the emirate through its business-supportive system and its knowledge- and innovation-based economy.
The new partnership, which is 60% owned by Aldar and 40% owned by Mubadala, benefits from Mubadala’s strategic land bank, capabilities and long experience as an institutional investor, and Aldar’s extensive experience in asset development and management.
The partnership includes four joint projects, including the establishment of a portfolio of investment and retail asset management that brings together the most prominent and prestigious shopping destinations in the emirate, the acquisition of sustainable and income-generating residential and commercial assets in Masdar City, the development of residential projects on strategically located islands next to Saadiyat and Yas Islands, and the establishment of a logistics complex near Zayed International Airport.
Under the partnership, Mubadala and Aldar will create a AED 9 billion retail investment and asset management portfolio, comprising Abu Dhabi’s current retail destinations.
This portfolio will include Yas Mall, the company’s flagship shopping destination; and Mubadala’s The Galleria Luxury Collection, which offers an exceptional luxury shopping experience in Abu Dhabi Global Market on Al Maryah Island.
The new portfolio is expected to achieve high levels of integration of key assets through a unified, integrated retail strategy that leverages its scale to attract new luxury brands to Abu Dhabi and provide world-class shopping experiences.
In addition, Mubadala and Aldar intend to establish a joint venture aimed at owning income-generating real estate assets worth AED 3 billion in Masdar City, the sustainable urban community and free zone in Abu Dhabi.
When completed, the joint venture will comprise income-generating commercial and residential properties with a gross leasable area of over 400,000 square metres and an occupancy rate currently exceeding 95%. The partners will own 14 assets under the Masdar Green Real Estate Investment Fund – all LEED Platinum or Gold certified – plus three additional assets within the master plan. In addition, the joint venture will include two assets under construction with an additional leasable area of 50,000 square metres.
Leveraging Mubadala’s prime land bank in Abu Dhabi, the two parties are looking to develop luxury waterfront communities focused on providing a modern lifestyle for their residents. This will be done through a joint venture that includes the development of two islands located off the coasts of Saadiyat and Yas Islands, with a total value of AED 13 billion.
The joint venture will acquire two islands from Mubadala, the first of which is located between Saadiyat Marina and Reem Island, with a 3km waterfront. This site will add value to Aldar’s developments in the Saadiyat Island Cultural District. The second island, located between Yas Island and Al Raha Beach, will be developed as a luxury waterfront villa complex, with an area of 3.7 million square metres.
Mubadala and Aldar are also looking to develop a AED 5 billion, 1.2 million square metre, first-class industrial logistics park in Al Falah. The park is strategically located 2 kilometres from Zayed International Airport and is connected to major highways.
His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan was accompanied during the inauguration of this strategic partnership between Mubadala and Aldar by His Excellency Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority, Managing Director and Group CEO of Mubadala Investment Company; His Excellency Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism – Abu Dhabi and Chairman of Aldar Properties; Waleed Al Mokarrab Al Muhairi, Deputy Group CEO of Mubadala; Talal Al Dhiyebi, Group CEO of Aldar Properties; and Dr. Bakheet Al Katheeri, Chief Investment Officer of the UAE at Mubadala.
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