Abu Dhabi has allocated AED60bn (£12.3bn) to expand its financial district on Al Maryah Island.
Abu Dhabi sovereign investor Mubadala and government-owned real estate development company Aldar have launched a joint venture to manage the development, with the former holding 40% and the latter 60%. The two entities have had a strategic partnership for more than 20 years.
Abu Dhabi’s burgeoning international financial centre – ADGM – now has more than 11,000 active licences registered in the free zone, with almost 40,000 individuals already based within the financial district.
Due to the influx of international investors and professionals, luxury homes at Al Maryah Island are in high demand.
The mixed-use development on the north of the island will include more than 3,000 luxury homes, as well as grade A offices, retail and hospitality.
Bakheet Al Katheeri, CEO of UAE investments platform at Mubadala, said: "By unlocking the island’s final major landbank, we are accelerating its evolution into one of the world’s most dynamic financial and lifestyle hubs — expanding its commercial strength, enhancing its residential and retail offering, attracting international investors, and reinforcing its vital role at the heart of Abu Dhabi’s economic diversification journey.”
Talal Al Dhiyebi, group CEO of Aldar, added: “With Mubadala and Aldar’s proven track record in master planning and delivering iconic destinations, we are collaborating to create a world-class, mixed-use environment that will attract leading businesses, investors and talent from around the world.”
