Aldar Properties and Mubadala Investment Company broke ground at One Maryah Place, a two-tower Grade A commercial development on Al Maryah Island.
Located within the Abu Dhabi Global Market (ADGM), the project will add high-quality commercial space to the ADGM freezone as demand continues to surge.
One Maryah Place will deliver approximately 98,000 square metres of Grade A office space across the towers, which will be connected by an indoor walkway. The development will feature retail units on the ground floor, a rooftop dining venue, a mosque, and five levels of basement parking for 2,200 cars. It will also have indoor connectivity to Al Maryah Tower, The Galleria Al Maryah Island and ADGM Square.
Jassem Saleh Busaibe, Chief Executive Officer of Aldar Investment, commented: “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.
“Alongside Mubadala, we are developing One Maryah Place, which includes two premium office towers that are well located with large floor plans and fantastic amenities and will appeal to businesses looking to either enter Abu Dhabi for the first time or relocate to a new Grade A space.”
The strategic partnership between Mubadala and Aldar leverages Aldar’s deep market expertise, evidenced by their impressive 97 per cent occupancy rate across their commercial portfolio (with the ADGM towers reaching 95 per cent by H1 2024), and Mubadala’s commitment to driving sustainable economic development in the UAE.
Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala, added: “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 Gold certification and an Estidama 3 Pearl rating.
“This approach aligns with our values as a responsible investor that continues to shape the future of our communities through good environmental, social and corporate governance practices.”
Upon completion, One Maryah Place will be incorporated into the Aldar Investment Properties (AIP) portfolio, which manages AED 27 billion ($7.35 billion) of income-generating real estate assets.
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