Aldar Properties, Mubadala break ground on One Maryah Place

Image: Supplied

Aldar Properties and Mubadala Investment Company have officially broken ground on One Maryah Place, a two-tower Grade A commercial development situated on Al Maryah Island, Abu Dhabi.

This project is set to add much-needed high-quality commercial space to the Abu Dhabi Global Market (ADGM) free zone, which has seen growing demand from global corporations and financial institutions.

The development will offer approximately 98,000 square meters of Grade-A office space, split across two connected towers. The towers are strategically located in the heart of ADGM.

Designed to cater to the increasing demand for world-class office spaces, One Maryah Place will also include several amenities to support businesses and their employees.

The project will feature retail units on the ground floor, a flagship rooftop dining venue, a mosque, and five levels of basement parking with nearly 2,200 spaces.

 Strategic location

One Maryah Place is situated within Al Maryah Island’s central business district, providing indoor connectivity to key destinations such as Al Maryah Tower, The Galleria Al Maryah Island, and ADGM Square.

Future tenants will benefit from seamless access to Abu Dhabi City, Al Reem Island, and Saadiyat Island, positioning the towers as prime real estate in the UAE capital.

Jassem Saleh Busaibe, CEO of Aldar Investment, highlighted the growing demand for commercial space on Al Maryah Island, saying: “The demand for Grade-A commercial space on Al Maryah Island continues to rise as more international blue-chip companies seek to establish their regional headquarters in ADGM, Abu Dhabi’s premium financial hub.

“Together with Mubadala, we are delivering One Maryah Place, which offers two premium office towers in a prime location with large floor plans and excellent amenities. This development will appeal to businesses looking to enter the Abu Dhabi market or relocate to a Grade-A space.”

Sustainability focus

The development is designed with sustainability at its core. Both towers are targeting ‘LEED Gold’ certification and an ‘Estidama 3 Pearl’ rating, reflecting the commitment of Aldar and Mubadala to building with long-term environmental goals in mind.

Khalifa Al Romaithi, executive director of UAE Real Estate and Infrastructure at Mubadala’s UAE Investments Platform, stated: “One Maryah Place reflects our joint commitment to investing in Abu Dhabi’s future as a global business and investment destination. This development meets the rising demand for world-class office spaces while ensuring sustainability remains a top priority.”

Market demand and economic growth

The strong demand for commercial real estate is evident in the high occupancy rates seen in Abu Dhabi’s property market. Aldar’s commercial portfolio currently boasts a 97 per cent occupancy rate, with ADGM towers reaching 95 per cent occupancy by H1 2024.

Upon completion, One Maryah Place will be integrated into Aldar’s Investment Properties (AIP) portfolio, which holds Dhs27bn worth of income-generating real estate assets.