Sunday 13 Oct 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
UAE

Khaled bin Mohamed bin Zayed inaugurates strategic partnership between Mubadala and Aldar with combined value of over Dh30bn

Khaled bin Mohamed bin Zayed inaugurates strategic partnership between Mubadala and Aldar with combined value of over Dh30bn
18 Sep 2024 15:18

ABU DHABI (ALETIHAD)

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has inaugurated a new partnership between Mubadala Investment Company (Mubadala) and Aldar Properties (Aldar) to establish a series of joint ventures to own and manage prime residential, commercial, retail and logistics assets across Abu Dhabi, with a combined value of more than Dh30 billion.

His Highness emphasised the significance of strategic partnerships between the public and private sectors in driving the continued transformation and growth of Abu Dhabi as a global business and lifestyle destination, supporting sustainable economic growth and showcasing investment opportunities offered by the emirate’s business-friendly ecosystem and knowledge and innovation-based economy.

The partnership, which utilises Mubadala’s land bank and institutional expertise and Aldar’s strength in development and asset management, will be owned 60:40 by Aldar and Mubadala respectively.

The four joint ventures will create a world-class retail platform to consolidate the emirate’s premium shopping destinations; the acquisition of sustainable mature residential and commercial income-generating assets in Masdar City; the development of strategically located islands adjacent to Saadiyat Island and Yas Island; and the creation of a logistics park close to Zayed International Airport.

Through the partnership, Mubadala and Aldar will create a Dh9 billion retail platform that will own Abu Dhabi’s existing premier retail destinations.

Aldar will include its flagship retail destination, Yas Mall, while Mubadala will contribute The Galleria Luxury Collection, a luxury retail experience at Abu Dhabi Global Market, Al Maryah Island. 

The new platform is expected to provide substantial synergies for the underlying assets through a coordinated retail strategy that will leverage its scale to attract new luxury brands to Abu Dhabi and provide customers with leading retail experiences.  

In addition, Mubadala and Aldar intend to establish a joint venture to own Dh3 billion worth of income-generating real estate assets at Masdar City, Abu Dhabi’s sustainable urban community and free zone hub.

The joint venture, once finalised, will include existing income-generating commercial and residential properties totalling more than 400,000 square metres of net leasable area (NLA) with overall occupancy currently standing at more than 95 per cent. The partners will own the 14 assets within the Masdar City Green REIT, with all buildings LEED Gold or LEED Platinum certified, as well as three additional assets within the masterplan. In addition, two assets under construction, with a further 50,000 square metres of NLA, are intended to be contributed to the joint venture once completed.

Leveraging Mubadala’s portfolio of prime land across Abu Dhabi, the companies aim to masterplan and develop wellness-focused luxury waterfront communities through a joint venture for two undeveloped islands that sit off the coasts of Saadiyat Island and Yas Island. The combined gross development value of the projects stands at Dh13 billion. 

The first island sits between Saadiyat Marina and Reem Island along 3km of waterfront. The site, which will be acquired from Mubadala by the joint venture, complements Aldar’s luxury living offering in Saadiyat Cultural District. The joint venture will also acquire a 3.7 million square metre island that sits between Yas Island and Al Raha from Mubadala and will be developed as a premium waterfront villa community.

Mubadala and Aldar are also seeking to develop a Dh5 billion Grade A industrial logistics park in Al Falah with a gross floor area of 1.2 million square metres. The development is strategically located within a 2km radius of Zayed International Airport with easy access to a number of major highways.

During the signing ceremony of this strategic partnership, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was accompanied by His Excellency Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and 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 Investment Company; Talal Al Dhiyebi, Group CEO of Aldar Properties; and Dr Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments Platform.

 

Source: Aletihad - Abu Dhabi
Copyrights reserved to Aletihad News Center © 2024