Aldar partners with Mubadala to develop commercial assets
31 March 2023
Abu Dhabi-listed Aldar Properties and sovereign wealth fund Mubadala will launch a joint venture to develop commercial assets in the Abu Dhabi Global Market (ADGM) financial district on Al-Maryah Island.
The firm will be 60 per cent owned by Aldar and 40 per cent by Mubadala.
The company's first investment will be a 37-floor office tower with a total net leasable area of 63,000 square metres.
The project is expected to be completed by the end of 2026. It will be managed by Aldar Investment.
“The first project enables us to take the necessary steps to satisfy the current pent-up demand, with plans for more to come,” said Aldar Investment CEO Jassem Saleh Busaibe.
“Through a phased approach, the joint venture will continue to increase the supply of prime office space on the island to ensure the ADGM freezone grows from strength to strength as a financial centre of global significance.”
ADGM features approximately 200,000 sq m of grade A commercial office spaces. They are divided into four towers, along with parking facilities.
The establishment of the new joint venture follows Aldar’s acquisition of the four commercial towers at ADGM from Mubadala and a partnership deal between the two parties for the acquisition of Al-Maryah Tower in 2022.
“Through our ongoing management and successful leasing programme of the four ADGM office towers, we continue to see considerable demand for grade A office space on Al-Maryah Island," added Busaibe.
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The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
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Chinese firm wins Ceer automotive supplier park deal
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