Mubadala and Aldar launch Dh60bn expansion of Abu Dhabi financial hub

Mubadala Investment Company and Aldar Properties have announced plans to spend Dh60 billion ($16.3 billion) to expand Abu Dhabi’s financial district on Al Maryah Island.

The project will add more than 1.5 million square meters of gross floor area, including new office space, housing, retail space, and hotels, the companies said.

This expansion represents a pivotal milestone for Abu Dhabi’s continued growth as a global financial center, with ADGM at its heart, said Aldar Group chief executive Talal Al Dhiyebi.

Demand in the ADGM free zone has surged, with more than 11,000 active licenses now registered and nearly 40,000 people working in the financial center, the companies added.

The expansion will add more than 3,000 luxury homes and increase retail and dining capacity, including an additional 40,000 square meters of high-end retail and a new waterfront marina.

The partnership aims to build a mixed-use district that can draw global companies, investors, and skilled workers, building on Mubadala and Aldar’s experience of developing major projects, Mr. Al Dhiyebi said. The expansion aligns with the UAE’s push for a more diversified, knowledge-driven economy and strengthens the capital’s appeal as a place to live, work, and invest, he added.

As you look out towards The Galleria, everything to the right and behind Active Sports forms part of the Dh60 billion development that will shape the next phase of growth, from commercial and office space to residential, branded residences, hospitality, a convention center, and supporting infrastructure,” Mr. Al Dhiyebi said at a panel during Abu Dhabi Finance Week.

The expansion fits within the emirate’s long-term urban planning framework, he added, building on its Vision 2030 initiative. The project also builds on partnerships with Mubadala agreed to over the past four years.

We acquired the ADGM office complex, set up several joint ventures, and just last week announced the creation of our new real assets investment manager with Mubadala Capital to help channel global capital into Abu Dhabi, he said.

Brevan Howard to expand in Abu Dhabi

Brevan Howard, a global alternative investment management platform, which manages $34 billion in client assets globally, is seeking to expand its presence in Abu Dhabi, founder Alan Howard told Abu Dhabi Finance Week. The company is looking for "more office space; we've run out, and we have a waitlist of people that want to come," he said.

There are about 150 people working in the company's Abu Dhabi office, and it manages more money from the UAE’s capital than anywhere else in the world, he added.

In August, Brevan Howard launched a $2 billion investment platform in partnership with Abu Dhabi-based global alternative investment management company Lunate.

Diversifying activities

Aldar is also positioning itself for growth in sectors tied to the emirate’s diversification strategy.

Logistics is one that we've been very bullish about,” Mr. Al Dhiyebi said. "We've taken some baby steps and want to make bigger and bolder moves, particularly in warehouses, to support Abu Dhabi’s industrial strategy and light manufacturing ambitions."

Last month, Aldar acquired two logistics assets from a unit of AD Ports Group for Dh570 million to expand its industrial portfolio.

Private credit is another area of focus. He described it as a rising global trend with strong relevance to Abu Dhabi. He said Aldar was exploring opportunities in private credit, noting the company has been expanding its real estate credit investments in Europe with partners including Ares.

In an environment like ADGM, where the frameworks attract these sectors, this is becoming a key area we’re discussing with the authorities," he said.

Last week, Aldar Properties and Mubadala Capital announced the launch of an investment management platform that will connect global institutional investors with real estate and infrastructure opportunities in the UAE and Gulf region.

Based in ADGM, Aldar Capital will offer professionally managed funds for institutional investors, including sovereign wealth funds, pension funds, funds of funds, insurance companies, and family offices. Its first fund, which will be launched in 2026, will have an investment target of $1 billion.