Mubadala, Aldar to expand Al Maryah Island space in AED 60+ bn buildout: Abu Dhabi’s Al Maryah Island will double its Grade A office capacity under a new joint venture between Mubadala Investment Company and Abu Dhabi-based developer Aldar, according to a press release (pdf). The move will add 1.5 mn sqm of mixed-use space to the financial district. Construction is set to begin in 2026.

The plan: The more than AED 60 bn expansion will target Al Maryah’s last undeveloped land bank of nearly 500k sqm on the north side of the island. The JV will develop 450k sqm of grade A office space — nearly doubling current supply — as well as 3k waterfront residences and 40k sqm of retail, marina, and hospitality space. Other features will include 2.5 km of air-conditioned pedestrian corridors, hotels, green spaces, 12k parking spaces, and three bridges linking Al Maryah to Reem Island and the mainland.

Ownership breakdown: Aldar holds 60% of the JV, while Mubadala holds 40%. A Mubadala unit is also a major shareholder in Aldar Properties. The two recently partnered to launch a real estate investment platform based in ADGM, targeting USD 1 bn from its first fund. They earlier entered into a tie-up with Ares on a USD 1 bn real estate fund targeting the UK and Europe.

The push comes as space in ADGM is tighter than ever, with record demand for financial-grade office space. The number of operational entities in the zone reached 3.2k in 3Q 2025, up 43% y-o-y, with nearly 11.9k active licenses and a workforce nearing 40k. Citywide, office vacancy in Abu Dhabi stood at 1.5% in 3Q, while prime space saw 0.1% availability and grade A plots saw 1%, keeping rents high. On the demand side, office space requirements rose 110% y-o-y during 1H.

Occupancy earlier this year touched 97%, leaving firms struggling to secure adequate space despite the expansion of ADGM’s jurisdiction to neighboring Al Reem Island. Major managers including KKR and Man Group recently announced Abu Dhabi office launches.

The demand’s been visible on the ground: Brevan Howard told attendees at Abu Dhabi Finance Week that “we’ve run out and we have a wait-list of people that want to come here, so we’re going to need to take more space,” Reuters reports. The hedge fund, which opened locally in 2023 with five staff, is expanding through a platform with Lunate backed by an initial USD 2 bn commitment.

And a few more are joining the party-

US-based hedge fund Balyasny Asset Management is preparing to open an ADGM office, roughly two years after launching in Dubai, Bloomberg reports citing a source with knowledge of the matter. The USD 29 bn fund applied for permission and is looking to start operations in 1H 2026.

The move would count Balyasny among those opting for a setup in both Abu Dhabi and Dubai, with Hudson Bay Capital Management and Brevan Howard Asset Management also having chosen a dual-emirate presence to tap into sovereign wealth in Abu Dhabi and private capital pools in Dubai.

Cantor is also setting up shop in ADGM: US investment bank Cantor, part of Cantor Fitzgerald group, is opening a new office in ADGM after securing in-principle approval for a financial services permission, according to a press release. Final approval is expected in 1Q 2026.

Our friend Ali Khalpey is leading the regional buildout. He joined the firm earlier this year as head of Middle East investment banking and capital markets — after his tenure as EFG Hermes equity capital markets head — to lead GCC expansion, focusing on capital markets and advisory.

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