TARAF, Mubadala to explore major mixed-use waterfront development on Al Reem Island

ABU DHABI (WAM)

TARAF, the real estate division of UAE-headquartered investment holding group Yas Holding, and Mubadala Investment Company (Mubadala) have signed a Memorandum of Understanding to explore developing a major mixed-use waterfront destination on Al Reem Island.

Under the MoU, TARAF and Mubadala will assess and progress the proposed development, which spans 10 plots across approximately 655,000 sq. ft. of land, with a total gross floor area of approximately 5.4 million sq. ft.

The agreement was witnessed by Dr. Bakheet Al Katheeri, Chief Executive Officer of Mubadala’s UAE Investments platform, and Wissam El Dik, Chief Development Officer of Taraf Development, and signed by Ali Eid AlMheiri, Executive Director, Diversified Assets, UAE Investments Platform at Mubadala, and Low Ping, Group Chief Executive Officer of Yas Holding, during LIVEX 2026.

The proposed development would bring together residential, commercial, retail and food and beverage offerings within an integrated masterplan, adding a new dimension to Al Reem Island and creating a more connected experience for residents, employees and visitors.

Central to TARAF’s proposed masterplan is a focus on livability and connectivity. Landscaped pedestrian routes, public spaces and plazas would connect the residential and commercial components, strengthen access to the waterfront and create a more cohesive, walkable environment. At ground level, retail, dining, and community amenities would support an active public realm and create places for people to meet, interact, and spend time.

Ping said, “Al Reem Island is an established part of Abu Dhabi’s residential landscape, and this MoU represents an opportunity to contribute to its continued evolution through a more integrated approach to development.”

TARAF’s proposed masterplan would comprise a series of connected waterfront plots, offering a range of one- to four-bedroom apartments and penthouses, alongside dedicated Public and commercial spaces and an integrated retail and F&B offering.

AlMheiri said, “Al Reem Island is a key residential and economic waterfront district and continues to contribute to Abu Dhabi’s urban growth. By combining residential, commercial, retail and public spaces within one coordinated vision, we aim to reinforce Mubadala’s commitment to creating lasting value.”