Mubadala and Aldar launch Dhs60bn joint venture to expand Al Maryah Island

Mubadala Investment Company and Aldar have announced a landmark joint venture to unlock the next phase of development on Al Maryah Island, advancing Abu Dhabi’s position as the region’s leading international financial centre.

With a gross development value exceeding Dhs60bn, the project covers the final major landbank on the island’s north side — almost 500,000 sqm — and will add 1.5 million sqm of new mixed-use space. The expansion will introduce significant office, residential, retail, and hospitality capacity, reinforcing Al Maryah Island’s evolution into a fully integrated global business and lifestyle hub.

At the core of the development is a major enhancement of Abu Dhabi Global Market (ADGM), which has recorded unprecedented growth with more than 11,000 active licences and nearly 40,000 professionals based in the district. The new masterplan will deliver over 450,000 sqm of Grade A office space, effectively doubling the island’s current commercial supply.

Residential demand is also accelerating, driven by an influx of global investors and professionals. The expansion will introduce more than 3,000 new luxury waterfront residences, complementing branded offerings such as the W and St. Regis projects already under development.

The island’s lifestyle and retail ecosystem will also see notable growth. New plans include 40,000 sqm of experiential luxury retail and dining, a world-class marina, and additional hotel developments extending the island’s hospitality offering anchored by the Four Seasons and Rosewood Abu Dhabi.

A centrepiece of the expansion is the Al Maryah Waterfront enhancement project, featuring a new 75-metre-high bay fountain, alongside reimagined leisure, dining, and event spaces.

Dr Bakheet Al Katheeri, chief executive officer of UAE Investments Platform at Mubadala, said: “This landmark joint venture marks a defining moment in realizing the full potential of Al Maryah Island. As Abu Dhabi’s premier business and lifestyle destination, Al Maryah has always embodied Mubadala’s long-term commitment to cultivating globally competitive, future-ready destinations. By unlocking the island’s final major landbank, we are accelerating its evolution into one of the world’s most dynamic financial and lifestyle hubs — expanding its commercial strength, enhancing its residential and retail offering, attracting international investors, and reinforcing its vital role at the heart of Abu Dhabi’s economic diversification journey.”

Talal Al Dhiyebi, group chief executive officer of Aldar, added: “This expansion represents a pivotal milestone for Abu Dhabi’s continued growth as a global financial centre, with ADGM at its heart. With Mubadala and Aldar’s proven track record in master planning and delivering iconic destinations, we are collaborating to create a world-class, mixed-use environment that will attract leading businesses, investors and talent from around the world. It will support the UAE’s vision for a diversified and knowledge-based economy while enhancing the capital’s allure as a place to live, work and invest.”

Salem Al Darei, chief executive officer of ADGM Authority, said: “Today’s landmark expansion of Al Maryah Island marks a pivotal step in strengthening Abu Dhabi’s standing as a global capital for finance. With ADGM at the heart of this transformation, the development reflects our ambition to create one of the world’s most progressive and connected financial districts, an ecosystem where international institutions, investors, and innovators can thrive. This next chapter reinforces Abu Dhabi’s long-term economic vision and accelerates our journey in shaping a dynamic, future-ready hub that sets new global benchmarks for growth, opportunity, and impact.”

Connectivity upgrades form a core part of the masterplan. Proposed infrastructure includes 2.5 km of air-conditioned pedestrian corridors, over 12,000 parking spaces, and 20% dedicated open space. Three new bridges are planned to connect the north side of Al Maryah Island to Reem Island and the Abu Dhabi mainland, ensuring Saadiyat Island is less than a 10-minute drive away. Enabling works are scheduled for 2026.

The joint venture — held 60 per cent by Aldar and 40 per cent by Mubadala — marks the next chapter in a long-standing partnership spanning more than two decades. The two entities have collaborated on multiple real estate projects across Abu Dhabi, including Al Maryah Tower, One Maryah Place and a retail JV covering The Galleria, Yas Mall and the upcoming Saadiyat Grove Mall.

The Al Maryah Island expansion represents a defining step in shaping the future of Abu Dhabi’s most important business and lifestyle district.