The construction of one of Abu Dhabi’s upcoming high-end office towers has begun. Aldar and Mubadala Investment Company co-developed the two-tower building known as “One Maryah Place” on Al Maryah Island.
In the end, it will offer 98,000 square meters of first-rate office space, “adding considerable weight to ADGM’s (Abu Dhabi Global Market) position” as a financial center in the Middle East.
“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.
Over the past two years, Aldar and Mubadala have been working on the office portfolio. For more than Dh4 billion, Aldar purchased four office towers from Mubadala in July 2022. Additionally, it and Mubadala purchased a portion of Al Maryah Tower in December 2022.
Aldar and Mubadala then affirmed in September 2024 that they are expanding their “long-standing strategic partnership” by establishing a “series of joint ventures to own and manage assets across Abu Dhabi valued at more than Dh30 billion.”
This is all taking place at a time when Abu Dhabi’s demand for new premium and super-premium office space is at its highest. Abu Dhabi Global Market recently expanded its portfolio of office GLAs by purchasing Al Reem Island.
Regarding One Maryah Place, it will be a part of the portfolio of income-producing real estate assets held by Aldar Investment Properties, which is currently valued at Dh27 billion.
“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.
