Aldar Properties, in partnership with Mubadala Investment Company, has formally marked the start of construction at a commercial development, called One Maryah Place, on Al Maryah Island in Abu Dhabi, United Arab Emirates (UAE).
Located within Abu Dhabi Global Market (ADGM), an international financial centre, the project will provide approximately 98,000m² of Grade-A office space across two connected towers, according to a press release posted on Zawya.
The development will help meet the rising demand for commercial space from global corporations and financial institutions in ADGM.
The two connected towers will offer office space, a flagship rooftop dining venue, ground-floor retail units, a mosque, and parking facilities, with nearly 2,200 spaces across five levels of basement parking.
One Maryah Place will offer indoor access to Al Maryah Tower, The Galleria Al Maryah Island, and ADGM Square. Future tenants will enjoy direct links to key areas in Abu Dhabi, including Abu Dhabi City, Al Reem Island, and Saadiyat Island.
Following Aldar's acquisition of four Grade-A office towers at ADGM in 2022 and the joint acquisition of Al Maryah Tower, the strategic partnership capitalises on Aldar's extensive market expertise, demonstrated by a strong 97% occupancy rate across its commercial portfolio.
Specifically, Mubadala's commitment to fostering sustainable economic growth in the UAE complements Aldar's real estate acumen.
Mubadala UAE Investment Company and UAE Real Estate executive director Khalifa Al Romaithi said: “One Maryah Place reflects our joint commitment to investing in Abu Dhabi's future as a global business and investment destination.
“The development 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 [Leadership in Energy and Environmental Design] Gold certification and an Estidama 3 Pearl rating.”
Upon its completion, One Maryah Place will join the Aldar Investment Properties portfolio, which currently includes Dh27bn ($7.35bn) in income-generating real estate assets.
