Dubai: Work has started on what will be one of Abu Dhabi’s next set of Grade office Towers. The ‘One Maryah Place’ on Al Maryah Island is a two-tower structure and co-developed by Aldar and Mubadala Investment Company.
It will eventually provide 98,000 square meters of premium office space, and thus ‘adding considerable weight to ADGM’s (Abu Dhabi Global Market) position’ as a Middle East financial hub.
“The demand for Grade A commercial space on Al Maryah Island continues to rise as more and more international blue-chip companies look to establish their regional headquarters in ADGM,” said Jassem Saleh Busaibe, CEO of Aldar Investment.
Aldar and Mubadala have in the last two years been working on its office portfolio. In July 2022, Aldar picks up four office towers from Mubadala for Dh4 billion plus. And in December 2022, it bought a stake in Al Maryah Tower along with Mubadala.
Then, in September 2024, Aldar and Mubadala confirmed that they are extending a 'long-standing strategic partnership' through a 'series of joint ventures to own and manage assets across Abu Dhabi valued at more than Dh30 billion'.
All of which is happening when demand for new premium/super-premium office space in Abu Dhabi is running at its peak. More recently, Abu Dhabi Global Market bought Al Reem Island, adding more office GLA to its portfolio.
As for One Maryah Place, it will be part of the Aldar Investment Properties portfolio, which is currently valued at Dh27 billion in income-generating real estate assets.
"The development (One Maryah place) is designed to not only meet the increasing demand for world-class office space from international companies seeking to establish a presence in ADGM, but to do so sustainably, with both towers targeting LEED Gold certification and an Estidama 3 Pearl rating," said Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala’s UAE Investments Platform.
