Aldar and Mubadala Break Ground on Two Commercial Towers in Abu Dhabi

ABU DHABI: Aldar Properties and Mubadala Investment Company today initiated construction at One Maryah Place, a new commercial development featuring two towers on Al Maryah Island, positioned within the Abu Dhabi Global Market (ADGM). The project aims to expand the premium office space availability in the region, catering to the growing demand from global corporations and financial institutions. According to Emirates News Agency, the development will encompass approximately 98,000 square meters of Grade-A office space. One Maryah Place is designed to enhance ADGM's stature as a leading financial hub in the region. The two towers will be interconnected by an indoor walkway and will include ground-floor retail units, a flagship rooftop dining venue, a mosque, and substantial parking facilities with nearly 2,200 spaces across five basement levels. Strategically located in a central area of Al Maryah Island, One Maryah Place will offer indoor connectivity to nearby landmarks such as Al Maryah Tower and The Gall eria Al Maryah Island, along with direct links to major areas like Abu Dhabi City, Al Reem Island, and Saadiyat Island. This accessibility is expected to be a significant draw for future tenants. Jassem Saleh Busaibe, Chief Executive Officer of Aldar Investment, remarked on the increasing appeal of the area, stating, "The demand for Grade A commercial space on Al Maryah Island continues to rise as more international blue-chip companies look to establish their regional headquarters in ADGM, Abu Dhabi's premium financial centre." Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala's UAE Investments Platform, highlighted the project's sustainability goals, noting that both towers are targeting LEED Gold certification and an Estidama 3 Pearl rating, reflecting a commitment to sustainable development. The collaboration between Aldar and Mubadala leverages Aldar's market expertise, which is evidenced by their high occupancy rates, and Mubadala's drive for sustainable eco nomic growth in the UAE. The robust demand and occupancy rates underscore the strong performance of Abu Dhabi's commercial property market, bolstered by the region's stable regulatory environment and business-friendly policies. Upon its completion, One Maryah Place will be incorporated into the Aldar Investment Properties portfolio, which currently includes AED27 billion of income-generating real estate assets.