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Abu Dhabi entities Mubadala Investment Company and Aldar Properties have launched a major mixed-use project on the north side of Al Maryah Island with a gross development value exceeding AED 60 billion ($16.3 billion).
The project, which is expected to unlock the next phase of growth in the international financial district, will be executed by a joint venture owned 60 percent by Aldar and 40 percent by Mubadala, Aldar said in a press statement.
The project will be developed on the last undeveloped land bank on Al Maryah Island, spanning nearly 500,000 square metres (sqm), and will deliver a total gross floor area of 1.5 million sqm, comprising office, residential, retail and hospitality assets, the statement said.
Under the master plan, the expansion will add more than 450,000 sqm of Grade A office space, effectively doubling Al Maryah Island’s total premium office inventory. The residential component will include more than 3,000 luxury waterfront homes.
The development will also feature over 40,000 sqm of experiential luxury retail and dining space, alongside a world-class marina development and new hotels, Aldar said.
It includes the Al Maryah Waterfront enhancement project, featuring a bay fountain with water shows soaring up to 75 metres.
Further details on phasing, contractor appointments, EPC packaging and enabling works have not yet been disclosed.
(Writing by SA Kader; Editing by Anoop Menon)
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