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Abu Dhabi's sovereign wealth fund, Mubadala Investment Company, and local developer Aldar have established a joint venture to deliver an expansion of the financial district on Al-Maryah Island with a gross development value of AED60bn-plus ($16bn-plus).

The development will be built on the undeveloped land bank on the north side of Al-Maryah Island, covering about 500,000 square metres (sq m), and will support the next phase of growth for Abu Dhabi Global Market (ADGM).

The masterplan encompasses 1.5 million sq m of new office, residential, retail and hospitality floor space.

In an official statement, the firms said that the core objective of the project is to support the continued expansion of ADGM, Abu Dhabi’s international financial centre. ADGM now has more than 11,000 active licences registered in the free zone and is among the fastest-growing financial hubs globally.

"Nearly 40,000 people are already based within the district, and demand for space remains strong," the statement added.

The Al-Maryah Island expansion will add over 450,000 sq m of Grade A office space, doubling the island’s current office inventory.

The expansion will add over 3,000 residences on the waterfront.

The next phase will also add a further 40,000 sq m of retail and dining spaces.

A central feature of the expansion is the Al-Maryah Waterfront enhancement project. This will include a bay fountain capable of water displays up to 75 metres high, forming the focal point of a reconfigured waterfront with additional dining, leisure and event spaces designed to complement existing assets on the island.

Three new bridges are proposed to link the north side of Al-Maryah Island with Reem Island and the Abu Dhabi mainland, reducing travel time to Saadiyat Island to under 10 minutes.

The enabling works on these projects are due to begin in 2026.

The new joint venture is owned 60% by Aldar and 40% by Mubadala.

"The two organisations are close to completing the legal work on a retail joint venture that will own and operate several of Abu Dhabi’s leading retail destinations, including The Galleria Al-Maryah Island, Yas Mall and the planned Saadiyat Grove Mall," the statement added.

READ THE DECEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

Distributed to senior decision-makers in the region and around the world, the December 2025 edition of MEED Business Review includes: