Abu Dhabi’s game-changing developments

As Abu Dhabi strives to achieve its 2030 urban structure plan, which lists community and tourism among its key objectives, EG takes a look at some of the developments – and key players – that are playing a critical role in advancing its ambitions Masdar Although it never met its ambition to become the world’s first net zero-carbon city, renewable energy company Masdar’s marquee Masdar City project should not be written off as a failed experiment. Designed by renowned architect Norman Foster, the 600-hectare mixed-use site is dedicated to reducing energy and water demand, as well as carbon footprint. Its buildings include features such as air-filled cushions that limit heat radiation to streets, smart metering systems to monitor energy and water consumption, and Teflon fabric membranes. In the decade after construction began in 2008, Masdar has completed a university, retail and offices. The site will soon include hotels, schools and private homes. Masdar’s development strategy for the neighbourhood involves a combination of models, comprising leasing or selling land to third parties; developing or financing buildings for clients on a long leasehold; building properties for the open market; or forming joint ventures. As a developer and investor, Masdar’s stated goal is to diversify Abu Dhabi’s economy away from its reliance on oil. The firm, which is a subsidiary of Mubadala, has so far invested in projects including power plants, community grid projects and solar home systems, with a combined value of US$8.5bn. It counts wind farms in Essex and Scotland among its portfolio. Masdar City composition Resi 62% Commercial 13% Light industrial/R&D 11% Retail 14% Aldar Properties Aldar Properties, the master developer behind Abu Dhabi’s Yas Island, finished construction on its own headquarters on Al Raha Beach in 2010 – and it has made a lasting impression. The tower – a 23-storey, 110m round landmark built with a diagonal steel grid – is one of the most distinctive buildings in the emirate. Designed by MZ Architects, Aldar Headquarters comprises two convex-shaped facades joined by a band of indented glass. Aldar has some AED20bn (£4.3bn) of assets under management across retail, hotels, offices and residential. On the development side, it has a sprawling land bank of 75m sq m (807.3m sq ft), which includes sites across Yas Island, Saadiyat Island, Reem Island and Al Raha Beach, and Alghadeer and Alreeman. Aldar Assets under management: AED20bn (£4.3bn) Land bank: 75m sq m (807.3m sq ft) Projects include: Yas Island – West Yas, Yas Acres, Lea, Mayan, Water’s Edge; Saadiyat Island – Mamsha Al Saadiyat and Jawaher Al Saadiyat; Reem Island – Sun & Sky Towers, The Gate & Arc Towers, Meera, The Bridges; Al Raha Beach – Al Hadeel, Al Muneera, Al Bandar, Al Zeina; Alghadeer and Alreeman Other businesses: Aldar Academies (school – 100% ownership); Khidmah (facilities management – 100%); Provis (property management – 100%); Pivot (construction – 66%) Yas Island Abu Dhabi’s drive to become a major tourist destination by 2030 received a boost when the $1bn Warner Bros theme park on Yas Island, the entertainment company’s first indoor theme park, opened its doors last year. Measuring 1.65m sq ft, the scheme houses 29 attractions across six immersive lands, based on characters including Batman and Superman. All of Abu Dhabi’s leisure developments are grouped together on Yas Island. The Warner Bros scheme will form part of a theme park cluster, constructed by government-backed developer Miral. These will be connected by a proposed high-speed overhead rail system, which Miral has partnered on with SkyTran, a NASA Space Act company. Having been mandated to develop all of Yas Island’s leisure schemes, Miral’s aim is to grow annual footfall at the area to 48m visitors by 2022. Sites under construction include a Clymb, a $100m indoor skydiving and climbing centre. Miral is also developing the $3.2bn Yas Bay waterfront scheme. It is also expected to launch SeaWorld Abu Dhabi in 2022. Mubadala Investment Company Since construction began in 2007 on Mubadala Investment Company’s Al Maryah Island, it has made headway as Abu Dhabi’s new central business district. At the centre is its signature Abu Dhabi Global Market Square. This contains four Grade A office towers spanning a combined 184,000 sq m. Other projects under way include Al Maryah Central – a 1.4m sq ft shopping centre – and two residential towers. A 5.4km promenade, which will circle the district, is also expected to complete in June. Mubadala Total group assets (30 June 2018): AED832bn (£174bn) Total assets in real estate and infrastructure (30 June 2018): AED29.8bn Portfolio includes: Al Maryah Island; Four Seasons Abu Dhabi; Paris-Sorbonne University Abu Dhabi; The Galleria shopping centre Main image: Karol Kozlowski/imageBROKER/Shutterstock To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette