Aldar and Mubadala Investment Company have completed a strategic joint venture valued at approximately AED 10 billion ($2.72 billion) to establish a new luxury retail platform, reinforcing Abu Dhabi’s ambition to position itself as a global destination for curated, high-end shopping experiences.

Managed by Aldar, the platform brings together two of the capital’s flagship retail assets. Aldar has contributed Yas Mall, while Mubadala has added The Galleria Luxury Collection. Both are prime, income-generating properties with strong operating fundamentals.

The portfolio enters the market with high occupancy levels. Yas Mall is operating at 99% occupancy, while The Galleria Luxury Collection stands at 92%, reflecting sustained demand for premium retail destinations in Abu Dhabi.

The joint venture strengthens the long-term strategic partnership between Aldar and Mubadala and aligns with the recently announced AED 60 billion-plus expansion of Al Maryah Island. The expansion is expected to further reinforce the district’s position as the emirate’s leading business and lifestyle hub.

Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, said the partnership represents a foundational step in shaping Abu Dhabi’s future luxury retail ecosystem. He added that the focus is on delivering elevated, signature customer experiences that connect the emirate’s flagship destinations under a single management platform.

Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala, said the joint venture reflects Mubadala’s mandate to build national champions across priority sectors and unlock long-term value from Al Maryah Island. He noted that this strategy is supported by growing demand from global businesses and residents.

Under Aldar’s management, the platform is expected to deliver operational and revenue synergies. Aldar’s digital loyalty programme, Darna, has already been rolled out across The Galleria Luxury Collection and Al Maryah Island, enhancing customer engagement and rewarding spending across the destination.

The completion of the transaction marks another milestone in the expanding collaboration between Aldar and Mubadala, which now spans multiple real estate segments as both organisations play a central role in Abu Dhabi’s long-term economic and urban development.