Abu dhabi: Aldar and Mubadala Investment Company have announced the completion of a strategic joint venture to create a premier retail platform that will anchor the next phase of Abu Dhabi’s evolution as a global destination for curated luxury retail experiences. The new platform, which will be managed by Aldar, consolidates landmark retail destinations in Abu Dhabi. Aldar has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection, both prime income-generating properties with a combined gross asset value of approximately AED 10 billion.
According to Emirates News Agency, the platform benefits from strong and reliable income streams, with occupancy at Yas Mall standing at 99 percent and The Galleria Luxury Collection’s occupancy at 92 percent. The joint venture deepens and strengthens Aldar and Mubadala’s long-term strategic collaboration and directly complements the recently announced AED 60+ billion expansion of Al Maryah Island, which will further elevate the island’s position as Abu Dhabi’s premier business and lifestyle destination.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented on the milestone, stating that it marks the foundation of Abu Dhabi’s future luxury retail ecosystem. He emphasized that the collaboration with Mubadala under Aldar’s management aims to create a retail champion that enhances the Emirate’s global appeal and establishes a new standard for luxury retail curation, experience, and scalability.
Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, highlighted the significant milestone in their strategic partnership with Aldar. He noted that the venture reinforces Mubadala’s commitment to developing competitive, future-ready destinations and aligns with its mandate to build national champions across critical industries. The partnership is set to unlock the full potential of Al Maryah Island, driven by the district’s success and the growing demand from global businesses and residents.
Under Aldar’s management, the retail platform is expected to generate significant value through operational and revenue synergies. Aldar’s digital loyalty programme, Darna, is already available at The Galleria Luxury Collection and The Galleria Al Maryah Island, enhancing customer engagement and rewarding spending across the destination.
The completion of this retail joint venture also marks a significant milestone in the strategic partnership between Aldar and Mubadala, culminating in a comprehensive collaboration across diverse real estate classes.