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Abu Dhabi-listed Aldar Properties and sovereign investor Mubadala will launch a joint venture to develop a 37-floor office tower in the Abu Dhabi Global Market (ADGM) financial district.
The 63,000sqm property, which is the initial project for the joint venture, will be 60% owned by Aldar and 40% by Mubadala, and is expected to be completed by the end of 2026, managed by Aldar Investment.
Aldar Investment CEO Jassem Saleh Busaibe said there was considerable demand for Grade A office space on Al Maryah Island, where ADGM is based.
“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.
“The first project enables us to take the necessary steps to satisfy the current pent-up demand, with plans for more to come.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
