A heads of terms agreement has been signed between Aldar Properties and Mubadala to develop commercial assets on Al Maryah Island in Abu Dhabi. The joint venture will provide space for more businesses to operate on the island and will see the development of commercial office offerings, which continue to experience a surge in demand. Aldar will hold a 60% stake in the joint venture, with Mubadala holding the remaining 40%. The initial office tower will have a total net leasable area of 63,000 square metres and is expected to be completed by the end of 2026.
The property will be managed by Aldar Investment. The addition of the new tower will bring Aldar Investment’s total net leasable area of commercial office space to over 400,000 square metres. Aldar also recently launched a limited number of apartments at ‘The Source’, boasting 204 apartments and penthouses with unique offerings for physical and mental wellbeing.