Aldar, Mubadala form Dhs10b retail JV
Aldar and Mubadala Investment Company have announced the completion of a strategic joint venture to create a premier retail platform that will anchor the next phase of Abu Dhabi’s evolution as a global destination for curated luxury retail experiences.The new platform, which will be managed by Aldar, consolidates landmark retail destinations in Abu Dhabi. Aldar has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection, both prime income-generating properties with a combined gross asset value of approximately Dhs10 billion. The platform benefits from strong and reliable income streams, with occupancy at Yas Mall standing at 99 per cent and The Galleria Luxury Collection’s occupancy at 92 per cent.The joint venture deepens and strengthens Aldar and Mubadala’s long-term strategic collaboration and directly complements the recently announced Dhs 60+ billion expansion of Al Maryah Island, which will further elevate the island’s position as Abu Dhabi’s premier business and lifestyle destination.Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented, “This milestone marks the foundation of Abu Dhabi’s future luxury retail ecosystem, which will be underpinned by the creation of elevated and signature customer experiences. Together with Mubadala, we are connecting Abu Dhabi’s flagship retail destinations under Aldar’s management and creating a retail champion that will not only elevate the Emirate’s global appeal but also sets a new standard for how luxury retail is curated, experienced, and scaled.”Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, said, “This retail joint venture marks a significant milestone in our strategic partnership with Aldar and reinforces Mubadala’s commitment to cultivating competitive, future-ready destinations.WAM
Aldar and Mubadala Investment Company have announced the completion of a strategic joint venture to create a premier retail platform that will anchor the next phase of Abu Dhabi’s evolution as a global destination for curated luxury retail experiences.The new platform, which will be managed by Aldar, consolidates landmark retail destinations in Abu Dhabi. Aldar has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection, both prime income-generating properties with a combined gross asset value of approximately Dhs10 billion. The platform benefits from strong and reliable income streams, with occupancy at Yas Mall standing at 99 per cent and The Galleria Luxury Collection’s occupancy at 92 per cent.The joint venture deepens and strengthens Aldar and Mubadala’s long-term strategic collaboration and directly complements the recently announced Dhs 60+ billion expansion of Al Maryah Island, which will further elevate the island’s position as Abu Dhabi’s premier business and lifestyle destination.Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented, “This milestone marks the foundation of Abu Dhabi’s future luxury retail ecosystem, which will be underpinned by the creation of elevated and signature customer experiences. Together with Mubadala, we are connecting Abu Dhabi’s flagship retail destinations under Aldar’s management and creating a retail champion that will not only elevate the Emirate’s global appeal but also sets a new standard for how luxury retail is curated, experienced, and scaled.”Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, said, “This retail joint venture marks a significant milestone in our strategic partnership with Aldar and reinforces Mubadala’s commitment to cultivating competitive, future-ready destinations.WAM
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