Abu Dhabi - Mubasher: Aldar Properties and Mubadala Investment Company launched a joint venture (JV) to expand Al Maryah Island, with a gross development value exceeding AED 60 billion.

The JV further anchors Abu Dhabi’s global position as the “Capital of Capital”, according to a press release.

Meanwhile, the project will comprise 1.5 million square meters of new office, residential, retail, and hospitality space.

The mixed-use development will significantly boost ADGM, Abu Dhabi’s international financial center and the region’s leading IFC.

Additionally, demand for hotel rooms will grow, as business and leisure visitors are expected to increase.

The masterplan includes new hotels, building on the existing luxury offering anchored by the Four Seasons and Rosewood Abu Dhabi.

Bakheet Al Katheeri, CEO of UAE Investments Platform at Mubadala, said:  "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 ceo of Aldar, commented: “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.”

He added: “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.”

Under the partnership, Aldar will hold a 60% stake in the JV, while Mubadala will hold the remaining 40%.

Last November, the ADX-listed group accelerated the delivery of Aldar Logistics Centers, a next-generation Grade A logistics park located within the heart of National Industries Park (NIP).