Mubadala and Aldar launch Dh60bn expansion of Abu Dhabi financial hub

Al Maryah Island development to have offices and more than 3,000 luxury homes

The project will add more than 1.5 million square metres of gross floor area. Photo: Aldar

Mubadala Investment Company and Aldar Properties have announced plans to spend Dh60 billion ($16.3 billion) to expand Abu Dhabi’s financial district on Al Maryah Island.

The project will add more than 1.5 million square metres of gross floor area, including new office space, housing, retail space and hotels, the companies said.

“This expansion represents a pivotal milestone for Abu Dhabi’s continued growth as a global financial centre, with ADGM at its heart,” said Aldar group chief executive Talal Al Dhiyebi.

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Demand in the ADGM free zone has surged, with more than 11,000 active licences now registered and nearly 40,000 people working in the financial centre, the companies added.

The expansion will add more than 3,000 luxury homes and increase retail and dining capacity, including an additional 40,000 square metres of high-end retail and a new waterfront marina.

In pictures: Expansion plan of Al Maryah Island

Aldar and Mubadala reveal Dh60bn expansion of Al Maryah Island. All photos: Aldar

The partnership aims to build a mixed-use district that can draw global companies, investors and skilled workers, building on Mubadala and Aldar’s experience of developing major projects, Mr Al Dhiyebi said. The expansion aligns with the UAE’s push for a more diversified, knowledge-driven economy and strengthens the capital’s appeal as a place to live, work and invest, he added.

“As you look out towards The Galleria, everything to the right and behind Active Sports forms part of the Dh60 billion development that will shape the next phase of growth, from commercial and office space to residential, branded residences, hospitality, a convention centre and supporting infrastructure,” Mr Al Dhiyebi said at a panel during Abu Dhabi Financial Week.

The expansion fits within the emirate’s long-term urban planning framework, he added, building on the its Vision 2030 initiative. The project also builds on partnerships with Mubadala agreed to over the past four years.

“We acquired the ADGM office complex, set up several joint ventures and just last week announced the creation of our new real assets investment manager with Mubadala Capital to help channel global capital into Abu Dhabi,” he said.

Aldar is also positioning itself for growth in sectors tied to the emirate’s diversification strategy. “Logistics is one that we've been very bullish about,” he said. "We've taken some baby steps and want to make bigger and bolder moves, particularly in warehouses, to support Abu Dhabi’s industrial strategy and light manufacturing ambitions."

Private credit is another area of focus. He described it as a rising global trend with strong relevance to Abu Dhabi. He said Aldar was exploring opportunities in private credit, noting the company has been expanding its real estate credit investments in Europe with partners including Ares.

"In an environment like ADGM, where the frameworks attract these sectors, this is becoming a key area we’re discussing with the authorities," he said.

The two companies also unveiled a separate plan to develop the northern part of Al Maryah Island.