Aldar, Mubadala form $2.72bn Luxury Retail Platform in Abu Dhabi

Abu Dhabi, UAE: Aldar and Mubadala Investment Company have completed a strategic joint venture to establish a premier retail platform valued at approximately $2.72 billion (AED 10 billion), positioning Abu Dhabi for its next phase of growth as a global destination for curated luxury retail experiences.

Managed by Aldar, the newly formed platform consolidates two of the capital’s most prominent retail assets. Aldar has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection, bringing together prime, income-generating destinations with complementary positioning and strong market fundamentals.

The portfolio enters operation with robust performance metrics. Yas Mall is operating at 99 percent occupancy, while The Galleria Luxury Collection stands at 92 percent, underscoring sustained demand for high-quality retail space in Abu Dhabi’s core lifestyle districts.

The transaction further deepens the long-standing strategic partnership between Aldar and Mubadala and aligns closely with the recently announced $16.3 billion (AED 60+ billion) expansion of Al Maryah Island. That expansion is set to reinforce the district’s status as the emirate’s leading business, lifestyle, and luxury destination.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented,

This milestone marks the foundation of Abu Dhabi’s future luxury retail ecosystem, which will be underpinned by the creation of elevated and signature customer experiences. Together with Mubadala, 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.

Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, said,

This retail joint venture marks a significant milestone in our strategic partnership with Aldar and reinforces Mubadala’s commitment to cultivating competitive, future-ready destinations. It also represents the latest expression of Mubadala’s long-standing mandate to build national champions across critical industries since our inception. This partnership is poised to unlock the full potential of Al Maryah Island, driven by the district’s proven success and the growing demand from global businesses and residents to be part of Abu Dhabi’s leading business and lifestyle destination.

Under Aldar’s management, the platform is expected to unlock operational efficiencies and revenue synergies across the combined assets. Aldar’s digital loyalty programme, Darna, has already been deployed at both The Galleria Luxury Collection and The Galleria Al Maryah Island, enhancing customer engagement while encouraging cross-destination spending.

The completion of the joint venture represents a further milestone in the evolving collaboration between Aldar and Mubadala, which now spans multiple real estate asset classes and reflects a shared ambition to shape long-term value creation across Abu Dhabi’s urban and lifestyle landscape.