Aldar, Mubadala break ground on Grade-A office project in Abu Dhabi

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Leading UAE developer Aldar Properties and top sovereign investor Mubadala have announced the ground breaking of its two-tower Grade A commercial development - One Maryah Place - on Abu Dhabi's leading business and lifestyle destination Al Maryah Island.

Located within Abu Dhabi Global Market (ADGM), an award-winning international financial centre, the project is set to add further high-quality commercial space to the ADGM freezone as demand continues to grow from global corporations and financial institutions.

On completion, the One Maryah Place will deliver 98,000 sq m of Grade-A office space across two connected towers, adding considerable weight to ADGM’s position as the region’s premium financial centre, said Aldar in a statement.

The towers, which are connected by an indoor walkway, will feature ground-floor retail units, a flagship rooftop dining venue, a mosque, and five levels of basement parking offering nearly 2,200 spaces, it stated.

The premium development is located within a central area of Al Maryah Island, with indoor connectivity to Al Maryah Tower, The Galleria Al Maryah Island and ADGM Square. Future tenants will also benefit from direct connections to Abu Dhabi City, Al Reem Island, and Saadiyat Island.

On the new project, Aldar Investment CEO Jassem Saleh Busaibe said: "The demand for Grade A commercial space on Al Maryah Island continues to rise as more and more international blue-chip companies look to establish their regional headquarters in ADGM, Abu Dhabi’s premium financial centre."

"Alongside Mubadala, we are developing One Maryah Place, which includes two premium office towers that are well located with large floor plans and fantastic amenities and will appeal to businesses looking to either enter Abu Dhabi for the first time or relocate to a new Grade A space," he stated.

Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala’s UAE Investments Platform, said: "One Maryah Place reflects our joint commitment to investing in Abu Dhabi's future as a global business and investment destination. The development is designed to not only meet the increasing demand for world-class office space from international companies seeking to establish a presence in ADGM, but to do so sustainably, with both towers targeting LEED Gold certification and an Estidama 3 Pearl rating."

"This approach aligns with our values as a responsible investor that continues to shape the future of our communities through good environmental, social and corporate governance practices," stated Al Romaithi.

"We are confident that One Maryah Place will further elevate Al Maryah Island’s position as a leading business and lifestyle destination," he added.

Mubadala and Aldar are longstanding partners with a shared commitment to Abu Dhabi's growth. Building on Aldar's initial acquisition of four Grade-A office towers at ADGM in 2022, the partners jointly acquired Al Maryah Tower, a prime commercial property on Al Maryah Island.

This strategic partnership leverages Aldar's deep market expertise, evidenced by their impressive 97% occupancy rate across their commercial portfolio (with the ADGM towers reaching 95% by H1 2024), and Mubadala's commitment to driving sustainable economic development in the UAE, said the statement from UAE developer.

The strong demand and high occupancy rates of commercial space reflect the robust performance of Abu Dhabi's commercial property market, supported by the stable regulatory environment alongside business- and investor-friendly policies on offer in the UAE, it stated.

Upon completion, One Maryah Place will be incorporated into the Aldar Investment Properties (AIP) portfolio, which encompasses AED27 billion of income-generating real estate assets, it added.