Abu Dhabi Commercial Tower Purchased in $122.5-Million Deal

Al Maryah Tower. (C) Terri Meyer Boake

14 December 2022 | Abu Dhabi, United Arab Emirates

Aldar Properties and Abu Dhabi's wealth fund Mubadala Investment Company have formed a partnership to acquire Al Maryah Tower in Dubai, in a deal valued at Dh450 million ($122.5 million).

The purchase of the 24-story commercial office property on Al Maryah Island follows the recent acquisition of four commercial towers from Mubadala in July 2022 by Aldar Properties at Abu Dhabi Global Market.

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Aldar Investment Properties will manage the tower, which is next to Aldar’s four commercial towers at ADGM, boosting its total net leasable area across its portfolio to two million square meters. Demand for Grade A office space in Abu Dhabi continues to grow.

For more on this story, go to The National News.