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Aldar, Mubadala to develop AED 30 bn Abu Dhabi-based assets: Abu Dhabi real estate developer Aldar Properties and wealth fund Mubadala are partnering to establish four joint ventures geared at developing and managing real estate assets — including prime residential, commercial, retail, and logistics assets — in Abu Dhabi, according to an ADX disclosure (pdf). The projects are worth a total of AED 30 bn.
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The ventures will include a partnership to develop a AED 5 bn logistics park in Al Falah, near Zayed International Airport, with 1.2 mn sqm of industrial space. Aldar will take a controlling 60% stake in the ventures, while Mubadala will hold the remaining 40%.
Aldar has big expansion plans: The developer lined up AED 1 bn (USD 272 mn) earlier in January to expand its logistics operations in both Abu Dhabi and Dubai, which included an acquisition of its first logistics zone in Dubai and plans to set up new logistics facilities. It later committed AED 1.8 bn to ramp up its portfolio in Dubai, focusing on key business districts.
