Mubadala, Aldar launch $16.3bn Al Maryah Island expansion

Abu Dhabi, UAE: Mubadala Investment Company and leading Abu Dhabi developer Aldar have announced a landmark joint venture to deliver the next major phase of growth on Al Maryah Island, reinforcing the emirate’s ambitions to position the capital as a global hub for finance, investment, and luxury urban living.

The partnership will unlock the final major development parcel on the northern side of Al Maryah Island through a masterplanned mixed-use district with a gross development value exceeding $16.3 billion (AED60 billion). Spanning nearly 500,000 square metres of land, the expansion will introduce approximately 1.5 million square metres of new office, residential, retail, and hospitality space, integrating commercial, lifestyle, and community functions into a single future-ready urban destination.

The project will significantly strengthen Abu Dhabi Global Market (ADGM), the capital’s international financial centre and the region’s leading IFC. ADGM continues to demonstrate exceptional momentum, with more than 11,000 active licences currently registered and a rapidly expanding international institutional presence. Nearly 40,000 people already live and work within the financial district, underscoring the sustained demand for high-quality commercial and residential supply.

Doubling Grade A office supply to meet global demand

As part of the expansion, more than 450,000 square metres of new Grade A office space will be delivered, effectively doubling Al Maryah Island’s total premium office inventory. The additional supply will accommodate rising demand from global financial institutions, asset managers, fintech firms, professional services companies, and multinational corporates seeking a Middle East base within a highly regulated international framework.

The development is expected to further solidify Al Maryah Island’s status as one of the fastest-growing financial hubs globally and a critical pillar of Abu Dhabi’s non-oil economic diversification strategy.

Rising demand for luxury waterfront living

The continued influx of international investors, professionals, and business leaders is also driving strong demand for high-end residential living within the financial district. Branded residential developments currently under way, including the W and St. Regis residences, have already reshaped the island’s luxury housing landscape.

The upcoming expansion will introduce more than 3,000 additional luxury waterfront homes, further supporting Al Maryah Island’s evolution into a fully integrated live-work-play destination at the heart of Abu Dhabi.

Expanding luxury retail, dining and marina experiences

The project will significantly elevate Al Maryah Island’s position as Abu Dhabi’s premier lifestyle destination. Already home to The Galleria, the capital’s leading luxury retail mall, Cleveland Clinic Abu Dhabi, ACTIVE, one of the UAE’s largest urban sports hubs, and the country’s most Michelin-awarded dining venue, the island will gain an additional 40,000 square metres of experiential retail, dining, and leisure offerings.

A defining feature of the next phase will be the transformation of the waterfront through the Al Maryah Waterfront enhancement project. The development will introduce a signature bay fountain with water displays reaching heights of up to 75 metres, forming the centrepiece of a revitalised coastline activated by new dining, event, and leisure spaces. A world-class marina will further enhance the island’s appeal as both a lifestyle and yachting destination.

With rising visitor numbers expected from both business and leisure segments, the masterplan also incorporates new hotel developments, complementing the island’s existing luxury hospitality portfolio anchored by Four Seasons and Rosewood Abu Dhabi.

Leadership perspectives on unlocking long-term value

Dr Bakheet Al Katheeri, chief executive officer of UAE Investments Platform at Mubadala, said: “This landmark joint venture marks a defining moment in realizing the full potential of Al Maryah Island. As Abu Dhabi’s premier business and lifestyle destination, Al Maryah has always embodied Mubadala’s long-term commitment to cultivating globally competitive, future-ready destinations. 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 chief executive officer of Aldar, said: “This expansion represents a pivotal milestone for Abu Dhabi’s continued growth as a global financial centre, with ADGM at its heart. 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. It will support the UAE’s vision for a diversified and knowledge-based economy while enhancing the capital’s allure as a place to live, work and invest.”

Infrastructure, connectivity and sustainable urban planning

Salem Al Darei, CEO of ADGM Authority, highlighted the strategic importance of the expansion in positioning Abu Dhabi as a global financial capital, with ADGM at the core of this transformation. The next phase aims to establish one of the most advanced financial districts worldwide, creating a fully connected ecosystem where institutions, investors, innovators, and entrepreneurs can thrive.

The masterplan prioritises connectivity and sustainability, with 2.5 kilometres of air-conditioned pedestrian corridors, more than 12,000 parking spaces, and open space accounting for 20 percent of the district’s total area. Three new bridges will connect the northern part of Al Maryah Island to Reem Island and the mainland, placing Saadiyat Island just a ten-minute drive away. Enabling works for the project are scheduled to commence in 2026.

A two-decade strategic partnership

The joint venture, structured with Aldar holding 60 percent and Mubadala 40 percent, builds on a strategic partnership spanning more than 20 years. The two entities have collaborated across commercial, retail, residential, and logistics sectors and previously delivered landmark assets on Al Maryah Island, including Al Maryah Tower and the forthcoming One Maryah Place.

The partners are also finalising a dedicated retail joint venture that will oversee Abu Dhabi’s most prominent shopping destinations, including The Galleria Al Maryah Island, Yas Mall, and the upcoming Saadiyat Grove Mall.

Together, the $16.3 billion expansion marks a new chapter in the evolution of Al Maryah Island, positioning it as one of the world’s most comprehensive financial, residential, and lifestyle districts and reinforcing Abu Dhabi’s standing as a global “Capital of Capital.”