Aldar Properties, Abu Dhabi’s biggest property developer, and Mubadala Investment Company will establish four joint ventures to own and manage real estate assets worth more than Dh30 billion ($8.1 billion) across Abu Dhabi as part of a new partnership deal between the two companies.
The new partnership was unveiled by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council.
The partnership, which uses Mubadala’s land bank and institutional expertise and Aldar’s strength in development and asset management, will be owned 60:40 by Aldar and Mubadala respectively, the two companies said on Wednesday.
The new “joint ventures will create substantial value for Abu Dhabi through a world-class retail platform to consolidate the emirate’s premium shopping destinations, the acquisition of sustainable mature residential and commercial income-generating assets in Masdar City”, the two companies said.
The development of islands adjacent to Saadiyat Island and Yas Island and the creation of a logistics park close to Zayed International Airport also form part of the latest deal between the two companies.
Aldar and Abu Dhabi's sovereign wealth fund Mubadala are already partnering to develop commercial assets on Al Maryah Island as part of a deal signed by the two companies last year.
The deal followed Aldar’s acquisition of four commercial towers at Abu Dhabi Global Market from Mubadala and a subsequent deal between the two parties to partner in the acquisition of Al Maryah Tower, both of which were completed in 2022.
“This strategic partnership aims to optimise asset utilisation, drive long-term returns, and continue to position Abu Dhabi as the global premier business and lifestyle destination,” Bakheet Al Katheeri, chief executive of Mubadala's UAE investments platform, said.
As part of the latest partnership, Mubadala and Aldar will create a Dh9 billion retail platform that will own Abu Dhabi’s existing retail assets including Yas Mall and The Galleria Luxury Collection.
The two companies also aim to establish a joint venture to own Dh3 billion worth of income-generating real estate assets at Masdar City. This includes existing income-generating commercial and residential properties totalling more than 400,000 square metres of net leasable area (NLA) with overall occupancy currently at more than 95 per cent.
The partners will own the 14 assets within the Masdar City Green Reit (real estate investment trust) as well as three further assets within the master plan.
In addition, two assets under construction, with a further 50,000 square metres of net leasable area, will be included in the joint venture once completed, according to the two companies.
They will also focus on the development of two islands off Saadiyat Island and Yas Island as part of the new deal. The combined gross development value of the projects stands at Dh13 billion.
The first island, between Saadiyat Marina and Reem Island, and another, between Yas Island and Al Raha, will be acquired by the joint venture from Mubadala to be developed into waterfront villa projects.
Mubadala and Aldar also plan to develop a Dh5 billion Grade A industrial logistics park in Al Falah, near Zayed International Airport, with a gross floor area of 1.2 million square metres.
The deal is expected to be completed in the coming months, subject to final due diligence, according to the companies.
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
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Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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