ABU DHABI: Aldar Properties and Mubadala Investment Company have officially broken ground on One Maryah Place, a two-tower Grade A commercial project on Al Maryah Island.
The initiative marks a pivotal step in enhancing the region’s status as a leading business and lifestyle destination, particularly within the Abu Dhabi Global Market (ADGM).
The new development will deliver approximately 98,000 square metres of premium office space, strategically designed to cater to the escalating demand from global corporations and financial institutions eager to establish a foothold in the region.
The demand underscores ADGM’s attractiveness as a premier financial centre in the Middle East. The interconnected towers will not only provide much-needed commercial space but will also feature a range of amenities, including retail units, a rooftop dining venue, a mosque, and approximately 2,200 parking spaces across five levels.
Strategically located, One Maryah Place will offer seamless connectivity to adjacent developments such as Al Maryah Tower, The Galleria Al Maryah Island, and ADGM Square.
Additionally, it will benefit future tenants with direct access to key areas including Abu Dhabi City, Al Reem Island, and Saadiyat Island. This prime positioning is anticipated to enhance the operational efficiency of businesses that opt for this prestigious address.
ADGM: A viable location
Jassem Saleh Busaibe, CEO of Aldar Investment, emphasises the growing interest in Grade A office space on Al Maryah Island, recognising that major international companies are increasingly viewing ADGM as a viable location for their regional headquarters.
His assertion is fortified by the impressive occupancy rates within Aldar’s commercial portfolio, which boasts a 97 per cent occupancy rate, with expectations for ADGM towers reaching 95 per cent by mid-2024.
Khalifa Al Romaithi, Executive Director of the UAE Real Estate and Infrastructure at Mubadala, articulated the commitment of both partners to invest in Abu Dhabi’s vision of becoming a global business hub. Notably, One Maryah Place is designed with sustainability in mind; both towers are targeting LEED Gold certification and an Estidama 3 Pearl rating, highlighting a dedication to environmentally conscious construction and operations.
The anticipated success of One Maryah Place is reflective of a robust commercial property market in Abu Dhabi, driven by a stable regulatory environment and investor-friendly policies. Aldar’s strategic partnership with Mubadala, leveraging their respective expertise, positions this project as a cornerstone of Abu Dhabi’s economic development strategy.
Upon completion, it will become a vital asset within the Aldar Investment Properties portfolio, which comprises AED27 billion in income-generating real estate assets.
