Aldar and Mubadala Complete AED 10 Billion Retail Real Estate Joint Venture in Abu Dhabi
Aldar and Mubadala have completed a strategic joint venture to establish a retail real estate platform with a combined gross asset value of approximately AED 10 billion in Abu Dhabi, the firms announced February 3, 2026.
The new platform consolidates two landmark retail destinations with a total gross leasable area of 260,000 square meters. Aldar contributed Yas Mall to the joint venture, while Mubadala added The Galleria Luxury Collection. Both properties are income-generating assets with Yas Mall reporting 99 percent occupancy and The Galleria Luxury Collection at 92 percent occupancy.
Strategic Partnership Deepens Abu Dhabi Real Estate Collaboration
The retail real estate joint venture will be managed by Aldar and represents a deepening of the long-term strategic collaboration between the two firms. The partnership directly complements the recently announced AED 60-plus billion expansion of Al Maryah Island, which will further elevate the island's position as Abu Dhabi's premier business and lifestyle destination.
"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," said Talal Al Dhiyebi, Group Chief Executive Officer of Aldar. "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."
Platform Strategy and Asset Management
Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, said the retail joint venture "marks a significant milestone in our strategic partnership with Aldar and reinforces Mubadala's commitment to cultivating competitive, future-ready destinations." He added that the partnership "represents the latest expression of Mubadala's long-standing mandate to build national champions across critical industries since our inception."
The platform is designed to create value through scale, integration, and active asset management. The combined portfolio benefits from strong and reliable income streams, with both properties maintaining high occupancy rates. The platform positions Abu Dhabi as a global destination for curated luxury retail experiences.
Market Context
The joint venture deepens the collaboration between Aldar and Mubadala and complements the broader development plans for Al Maryah Island. The partnership aims to anchor the next phase of Abu Dhabi's evolution as a global destination for curated luxury retail experiences.