Abu Dhabi state investor Mubadala and property developer Aldar Properties have deepened their partnership with the establishment of four joint ventures (JVs) that will own and manage assets worth more than Dhs30bn ($8.2bn) as part of the emirate’s broader strategy to boost its global appeal. The deal seeks to unlock greater value for both parties and drive further transformation and growth of Abu Dhabi as a global business and lifestyle destination, the Abu Dhabi-backed entities said in a joint statement.
The ventures, which utilise Mubadala’s land bank and institutional expertise and Aldar’s strength in development and asset management, will be owned 60:40 by Aldar and Mubadala, respectively. “This deal represents the continued evolution of our strategic partnership with Mubadala, with the latest collaboration designed to create substantial value for both parties by combining Aldar’s expertise in real estate asset management and development and Mubadala’s portfolio of high-quality income-generating assets and land bank,” said Talal Al Dhiyebi, group CEO of Aldar. Aldar and Mubadala have set up four joint ventures, with one focused on combining ownership of a couple of premium shopping malls and another on acquiring residential and commercial assets in the district of Masdar City.
Through the partnership, Mubadala and Aldar will create a Dhs9bn retail platform that will own Abu Dhabi’s existing premier retail destinations. The new retail platform will include .