Today's Edition
ABU DHABI (ALETIHAD)
Aldar and Mubadala Investment Company have completed a strategic joint venture to establish a new retail platform in Abu Dhabi, consolidating two of the emirate’s landmark shopping destinations with a combined gross asset value of approximately Dh10 billion, according to a press release issued on Monday.
Under the joint venture, which will be managed by Aldar, Yas Mall and The Galleria Luxury Collection have been contributed as the first assets to the platform.
Aldar contributed Yas Mall, while Mubadala added The Galleria Luxury Collection.
Together, the two assets have a total gross leasable area of around 260,000 square metres and are described as prime income-generating properties.
Occupancy at Yas Mall stands at 99%, while The Galleria Luxury Collection is 92% occupied.
The companies said the new retail platform is intended to anchor the next phase of Abu Dhabi’s development as a global destination for curated luxury retail experiences. The joint venture also deepens the long-term strategic partnership between Aldar and Mubadala, and complements the recently announced Dh60+ billion expansion of Al Maryah Island.
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, said: “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.
"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. We continue to elevate Abu Dhabi as a premier global destination for curated luxury retail while setting new standards for bespoke experiences and economic diversification.”
Aldar said the platform will create value through scale, integration, and active asset management. As part of this, Aldar’s digital loyalty programme, Darna, is already available at The Galleria Luxury Collection and The Galleria Al Maryah Island, aimed at enhancing customer engagement across the destination.
The completion of the retail joint venture marks another milestone in the broader strategic collaboration between Aldar and Mubadala across multiple real estate segments, the companies said.
