Abu Dhabi builds a mall heavyweight: Abu Dhabi-based developer Aldar and sovereign investor Mubadala Investment Company have completed a joint venture that folds their retail assets Yas Mall and The Galleria Luxury Collection into a single retail platform valued at around AED 10 bn, according to a statement (pdf).

What’s going in: The platform launches with roughly 260k sqm of gross leasable area. Aldar will bring Yas Mall, while Mubadala puts Al Maryah Island’s The Galleria into the tie-up — two mature, income-generating assets, the two said. Occupancy is already high, with Yas Mall at 99% and The Galleria at 92%.

How it’ll be run: Aldar will manage the platform end-to-end, overseeing operations and leasing across both malls. The two have already worked on integration steps, including allowing customer spend and visit data to be tracked across assets.

Still TBC: The partners did not disclose timelines for expansion, capital commitments beyond the initial valuation, or whether additional retail assets could be folded into the platform.

This isn’t Aldar and Mubadala’s first rodeo

The JV builds on a long-running partnership, including their joint development of Al Maryah Island. The two are working on an AED 60+ bn expansion of the district, spanning residential, commercial, hospitality, and lifestyle assets.

Why now

The tie-up aligns with Abu Dhabi’s push to scale destination retail alongside broader urban growth. CEO of Mubadala’s UAE Investments platform Bakheet Al Katheeri framed the JV as a way to unlock Al Maryah Island’s prospects as demand from residents and global businesses grows. Pooling the malls under one platform allows coordinated leasing, marketing, and capital allocation, rather than competing internally.

Background: Retail supply is tight

Prime mall occupancy is nearing 98% in neighboring Dubai, with limited new supply and long handover timelines pushing tenants to renew rather than relocate. The lack of stock is reshaping how firms operate, and competition for flagship sites is intensifying, Cavendish Maxwell Research Manager Ali Siddiqui recently told us. Rents across key districts have risen 7-15%, supported by tourism-led footfall growth.

That squeeze is likely to spill over. As Dubai tightens, Abu Dhabi is increasingly positioned to absorb tenants and brands priced out or constrained. We’ve seen this dynamic before, with the Northern Emirates also drawing steady inflows from Dubai on affordability and supply.

Aldar appears to be positioning for that shift. The developer recently added AED 23 bn in gross development value to its land bank across Saadiyat and Yas Island. The new plots include retail and lifestyle components alongside residential units.

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