Aldar and Mubadala Investment Company have completed a strategic joint venture to create a premier retail platform that will anchor the next phase of Abu Dhabi’s evolution as a global destination for curated luxury retail experiences.

The new platform, which will be managed by Aldar, consolidates landmark retail destinations in Abu Dhabi.

Aldar has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection, both prime income-generating properties with a combined gross asset value of approximately AED10 billion ($2.72 billion). The platform benefits from strong and reliable income streams, with occupancy at Yas Mall standing at 99% and The Galleria Luxury Collection’s occupancy at 92%.

The joint venture deepens and strengthens Aldar and Mubadala’s long-term strategic collaboration and directly complements the recently announced AED60 billion+ expansion of Al Maryah Island, which will further elevate the island’s position as Abu Dhabi’s premier business and lifestyle 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. We continue to elevate Abu Dhabi as a premier global destination for curated luxury retail while setting new standards for bespoke experiences and economic diversification.”

Under Aldar’s management, the retail platform will generate significant value through operational and revenue synergies. Already, Aldar’s digital loyalty programme – Darna is available at The Galleria Luxury Collection and The Galleria Al Maryah Island, enriching customer engagement and rewarding spending across the destination.

The completion of this retail joint venture also marks a significant milestone in the strategic partnership between Aldar and Mubadala, culminating in a comprehensive collaboration across diverse real estate classes, said a statement. -TradeArabia News Service