A new joint venture (JV) between Aldar Properties, Abu Dhabi’s largest listed developer, and Mubadala Investment Company, a sovereign fund, will masterplan and develop two upscale waterfront communities off Saadiyat Island and Yas Island.

The combined gross development value of the projects stands at 13 billion UAE dirhams ($3.54 billion), the companies said in a joint statement on Wednesday.

The first undeveloped island is between Saadiyat Marina and Reem Island, which has a three-kilometre waterfront. The site will complement the Saadiyat Cultural District. 

The joint venture will also develop a 3.7 million square metre island between Yas Island and Al Raha to be developed as a premium waterfront villa community.

These islands will be acquired from Mubadala, the statement said. No details of the projects were given.

Additionally, Mubadala and Aldar will jointly develop an AED 5 billion Grade A industrial logistics park in Al Falah. The project, near Zayed International Airport, will have a gross floor area of 1.2 million square metres.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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