Aldar, Mubadala complete Dh10 billion Abu Dhabi retail joint venture

Dubai: Abu Dhabi developers Aldar and Mubadala Investment Company have completed a strategic joint venture to create a new luxury-focused retail platform, strengthening their long-term partnership and expanding Abu Dhabi’s high-end retail offering.

The platform brings together two of the emirate’s flagship shopping destinations. Aldar contributed Yas Mall, while Mubadala added The Galleria Luxury Collection. The combined gross asset value is about AED 10 billion ($2.7 billion). Aldar will manage the platform.

Both assets generate stable income. Yas Mall operates at 99% occupancy. The Galleria Luxury Collection stands at 92%.

The venture aligns with Mubadala’s recently announced Dh60 billion-plus expansion of Al Maryah Island, a project aimed at reinforcing the area’s role as the capital’s main business and lifestyle hub.

Integrated luxury

Aldar Chief Executive Talal Al Dhiyebi said the partnership lays the foundation for a more integrated luxury retail ecosystem in Abu Dhabi, linking major destinations under a single operating platform.

Mubadala’s UAE Investments Platform Chief Executive Bakheet Al Katheeri said the joint venture supports the creation of nationally competitive assets and builds on Al Maryah Island’s growing appeal to global companies and residents.

Aldar said the platform will unlock operational and revenue synergies. Its Darna digital loyalty programme is already active at The Galleria Luxury Collection and across Al Maryah Island, allowing customers to earn and redeem rewards across locations.

The deal marks a further step in Aldar and Mubadala’s broader collaboration across multiple real estate segments in the emirate.