Aldar Properties has agreed to buy four prime commercial towers from Mubadala Investment Company at Abu Dhabi Global Market, the international financial centre on the capital's Al Maryah Island.
The transaction includes the four main office towers at ADGM ― Al Sila, Al Sarab, Al Maqam and Al Khatem ― with a total net leasable area of 180,000 square metres.
Aldar will also take ownership of the north and south car parks, which serve the office towers, and other mixed-use space.
The assets will be held by Aldar Investment Properties (AIP), the region’s largest institutional-class real estate platform and are valued at Dh4.3 billion ($1.17bn), representing one of the largest real estate transactions in the UAE.
The deal brings Aldar’s total capital deployment into recurring income assets during 2022 to over Dh7bn.
“We continue to be active in pursuit of capital deployment opportunities to expand our portfolio as part of our transformational growth agenda," said Talal Al Dhiyebi, group chief executive of Aldar.
The office towers at ADGM are non-replicable assets in Abu Dhabi and allow us to diversify our commercial offering and income streams."
Aldar's long-term relationship with Mubadala and the "strategic nature of the transaction" will allow Aldar to drive ADGM’s position as one of the most desirable destination in the region for international financial services companies, Mr Al Dhiyebi said.
The developer behind Abu Dhabi's Formula One circuit and other big developments in the emirate, Aldar is looking to expand both its footprint and portfolio of assets. The property market in the UAE bounced back strongly from the pandemic-driven slow-down in 2021 and the trend has continued this year as the Arab world's second-largest economy remains on a strong growth trajectory.
The UAE's economy is set to post its strongest annual expansion this year since 2011 after it grew by 8.2 per cent in the first three months of 2022 on higher oil prices and measures that stemmed the impact of the Covid-19 pandemic, according to the Central Bank of the UAE.
Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi that is encouraging developers to launch new projects and further invest in acquiring assets to diversify their portfolios.
Aldar in recent months has been on an investment spree. On Wednesday, the developer announced the acquisition of Ras Al Khaimah’s DoubleTree by Hilton Resort and Spa Marjan Island, as well as an adjacent beachfront development plot for Dh810 million.
The acquisition made by AIP was the third investment by Aldar in Ras Al Khaimah this year, after deals to buy Al Hamra Mall and Rixos Bab Al Bahr in February and April, respectively. The company's total investment in the emirate have risen to Dh2bn.
Last month, Aldar further expanded its hospitality portfolio with the acquisition of Nurai Island Resort, as well as two new Abu Dhabi islands intended for residential development.
Aldar plans to undertake a refurbishment and extend the hospitality and food and beverage offering at Nurai Island Resort. The two islands within the Abu Dhabi archipelago are “envisioned to be developed with high-end, luxury beachfront villas”, it said at the time.
“The acquisition allows Aldar to tap into an operational luxury offering that is highly attractive to select clientele,” it said.
The developer did not disclose the value of the deal.
Aldar said it will continue to access more opportunities in the UAE and beyond as it ramps up the execution of its growth strategy.
In July, Egypt's Sixth of October for Development and Investment Company (Sodic), which is backed Aldar and Abu Dhabi's ADQ submitted a non-binding offer to fully acquire Cairo-based developer Madinet Nasr Housing and Development.
We continue to be active in pursuit of capital deployment opportunities to expand our portfolio as part of our transformational growth agenda
Talal Al Dhiyebi,
group chief executive, Aldar
The potential acquisition will value Egyptian Exchange-listed developer Madinet Nasr at 6.18 billion Egyptian pounds ($328m), Aldar said in a statement at the time.
Aldar on Thursday said that the latest transaction with Mubadala positions it investment portfolio to benefit from the attractive growth prospects of the "Grade A commercial office market" on Al Maryah Island and particularly in ADGM.
In addition to being the master developer of the 116-hectare Al Maryah Island, Mubadala is also a founding shareholder in Aldar and currently holds a 25 per cent stake in the company.
"Today’s transaction is a milestone" and the "right moment for Mubadala to realise the value" of the properties after nearly a decade of ownership, Ali Al Mheiri, executive director of UAE Diversified Assets at Mubadala, said.
UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
KILLING OF QASSEM SULEIMANI
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