Leading sovereign investor Mubadala and master-developer Aldar have launched a landmark joint venture to expand Al Maryah Island, thus unlocking the next phase of growth in the international financial district and further enhancing the Abu Dhabi’s global position as the ‘Capital of Capital.’

With a gross development value exceeding AED60 billion ($16.3 billion), the north side of Al Maryah Island holds the final undeveloped bank of land, which spans almost 500,000 sq m.

The project will comprise 1.5 million sq m of new office, residential, retail and hospitality space – seamlessly integrating commerce, community, lifestyle and further elevating Al Maryah Island’s distinctive blend of international business and luxury living.

The mixed-use development will significantly enhance ADGM, Abu Dhabi’s international financial centre and the region’s leading IFC.

ADGM has experienced unprecedented momentum, with more than 11,000 active licences now registered in the free zone.

As per the deal, the expansion of Al Maryah Island will deliver more than 450,000 sq m of additional Grade A office space – effectively doubling the island’s total supply.

Due to the influx of international investors and professionals, luxury homes at Al Maryah Island are in big demand with branded residential properties such as the W and St Regis currently under development.

Mubadala and Aldar said the new expansion is expected to support this influx by adding more than 3,000 luxury residences on the waterfront.

This will further boost Al Maryah Island’s position as Abu Dhabi’s top lifestyle and business destination, introducing new experiences that build upon the island’s fully integrated urban ecosystem, they added.