Aldar and Mubadala tie-up to scale Abu Dhabi retail offerings

• Two of emirate’s top malls under JV control
• Aldar to manage unified platform
• Gross leasable area worth $2.7bn

Abu Dhabi-listed developer Aldar and Mubadala Investment Company, the $330-billion sovereign wealth fund, have moved two of the emirate’s largest malls under the control of a joint venture they established two years ago.

The joint venture will consolidate Aldar’s Yas Mall and Mubadala’s The Galleria Luxury Collection, two prime income-generating properties, under one platform managed by Aldar.

The gross leasable area of these assets totals 260,000 square metres, valued at AED10 billion ($2.7 billion), Aldar said in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.

Occupancy at Yas Mall and The Galleria Luxury Collection stands at 99 percent and 92 percent, respectively, Aldar added.

“We are connecting Abu Dhabi’s flagship retail destinations under Aldar’s management and creating a retail champion that will not only elevate the emirate’s global appeal but also sets a new standard for how luxury retail is curated, experienced, and scaled,” Aldar group CEO Talal Al Dhiyebi said.

Aldar and Mubadala announced a strategic partnership in September 2024 to establish a series of joint ventures to own and manage assets across Abu Dhabi valued at more than AED30 billion.

The latest move comes after the two state-owned entities agreed jointly to transform the north side of Al Maryah Island – the final undeveloped land bank – spanning almost 500,000 square metres at a gross development value of AED60 billion. 

Aldar achieved 12 percent year-on-year growth in revenue across its retail portfolio during the first half of 2025, according to a report in November by real estate consultancy ValuStrat.

The Al Maryah Island development, announced in December, includes an extension of shopping areas by 40,000 square metres. It was not disclosed whether the joint venture would manage the new retail offerings.

Further reading:

• Aldar unit announces housing project in London commuter town
• Aldar and Mubadala fund to target GCC real estate
• Aldar’s income-generating assets get $1bn boost

This week Aldar expanded its land bank in the emirate by over 2 million square metres and aims to deliver 3,000 new residential units.

Aldar was listed on the Abu Dhabi Securities Exchange in 2005. Its share price fell 0.4 percent to AED9.55 on Monday but is up around 10 percent so far this year.

Abu Dhabi conglomerate International Holding Company owns 33.61 percent of Aldar, according to its 2024 annual report.

Mubadala oversees assets and investments in the United Arab Emirates and abroad, with those under management exceeding $300 billion.