Post by : Bianca
Haleem
Dubai: Abu Dhabi-based developers Aldar and Mubadala Investment Company have completed a strategic joint venture to create a new luxury-focused retail platform, strengthening their long-term partnership and expanding the emirate’s high-end retail sector.
Under the agreement, Aldar contributed Yas Mall, while Mubadala added The Galleria Luxury Collection. The combined platform has a gross asset value of around AED 10 billion ($2.7 billion). Aldar will manage and operate the new retail platform.
Both assets deliver strong and stable income. Yas Mall is operating at 99% occupancy, while The Galleria Luxury Collection has a 92% occupancy rate, highlighting strong demand for premium retail space in Abu Dhabi.
The joint venture supports Mubadala’s Dh60 billion-plus expansion of Al Maryah Island, which aims to strengthen the area’s position as Abu Dhabi’s main business, financial, and lifestyle hub.
Aldar Chief Executive Talal Al Dhiyebi said the partnership will help build a more integrated luxury retail ecosystem in Abu Dhabi by connecting key destinations through a single operating platform.
Mubadala’s UAE Investments Platform Chief Executive Bakheet Al Katheeri said the venture will create nationally competitive assets and further enhance Al Maryah Island’s appeal to global companies, visitors, and residents.
Aldar added that the platform will unlock operational and revenue synergies. Its Darna digital loyalty programme is already active at The Galleria Luxury Collection and across Al Maryah Island, allowing customers to earn and redeem rewards across multiple locations.
The deal marks another step in Aldar and Mubadala’s broader collaboration across several real estate sectors in Abu Dhabi.
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