Aldar and Mubadala Start Work At Al Maryah Place

Aldar Properties (Aldar) and Mubadala Investment Company (Mubadala), an Abu Dhabi sovereign investor, on Monday broke ground at One Maryah Place, a two-tower Grade A commercial development on Al Maryah Island, Abu Dhabi’s leading business and lifestyle destination.

Located within Abu Dhabi Global Market (ADGM), an award winning international financial centre, the project is set to add further high-quality commercial space to the ADGM free zone as demand continues to grow from global corporations and financial institutions.

Upon completion, One Maryah Place will be incorporated into the Aldar Investment Properties (AIP) portfolio, which encompasses $7.35 billion of income-generating real estate assets.

The project will deliver approximately 98,000 sq. m. of Grade-A office space across two connected towers, adding considerable weight to ADGM’s position as the region’s premium financial centre, Aldar said in a disclosure to Abu Dhabi Securities Exchange (ADX) this morning.

The towers, which are connected by an indoor walkway, will feature ground floor retail units, a flagship rooftop dining venue, a mosque, and five levels of basement parking offering nearly 2,200 spaces.

One Maryah Place is located within a central area of Al Maryah Island, with indoor connectivity to Al Maryah Tower, The Galleria Al Maryah Island and ADGM Square. Future tenants will also benefit from direct connections to Abu Dhabi City, Al Reem Island, and Saadiyat Island.

Growing Demand

Aldar Investment CEO Jassem Saleh Busaibe said that the demand for Grade A commercial space on Al Maryah Island continued to rise as more and more international blue-chip companies look to establish their regional headquarters in ADGM, Abu Dhabi’s premium financial centre.

“Alongside Mubadala, we are developing One Maryah Place, which includes two premium office towers that are well located with large floor plans and fantastic amenities and will appeal to businesses looking to either enter Abu Dhabi for the first time or relocate to a new Grade A space,” Busaibe added.

Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala’s UAE Investments Platform, said that One Maryah Place reflected their joint commitment to investing in Abu Dhabi’s future as a global business and investment destination.

He said that the development is designed to not only meet the increasing demand for world-class office space from international companies seeking to establish a presence in ADGM, but to do so sustainably, with both towers targeting LEED Gold certification and an Estidama 3 Pearl rating.

“This approach aligns with our values as a responsible investor that continues to shape the future of our communities through good environmental, social and corporate governance practices. We are confident that One Maryah Place will further elevate Al Maryah Island’s position as a leading business and lifestyle destination,” Al Romaithi added.

Mubadala and Aldar are longstanding partners with a shared commitment to Abu Dhabi’s growth. Building on Aldar’s initial acquisition of four Grade-A office towers at ADGM in 2022, the partners jointly acquired Al Maryah Tower, a prime commercial property on Al Maryah Island.

This strategic partnership leverages Aldar’s deep market expertise, evidenced by their impressive 97% occupancy rate across their commercial portfolio (with the ADGM towers reaching 95% by H1 of 2024), and Mubadala’s commitment to driving sustainable economic development in the UAE.

The strong demand and high occupancy rates of commercial space reflect the robust performance of Abu Dhabi’s commercial property market, supported by the stable regulatory environment alongside business- and investor-friendly policies on offer in the UAE.