Aldar and Mubadala fund to target GCC real estate

A fund management company launched by Abu Dhabi-listed Aldar and Mubadala Capital aims to raise AED3.67 billion ($1 billion) next year by targeting real estate opportunities across the GCC.

Aldar Capital, headquartered in the Abu Dhabi Global Market, will provide global institutional investors with real asset investment offerings, Aldar said in a statement posted on the Abu Dhabi Securities Exchange.

The launch of the new platform supports Aldar’s 2030 strategy to achieve AED20 billion in annual net profit.

“The launch of Aldar Capital will transform our business from a regional real estate leader into a manager of global capital,” said Talal Al Dhiyebi, group CEO of Aldar.

Aldar Capital will enable international investors to access the region’s next wave of growth, he added.

Hani Barhoush, CEO of Mubadala Capital, said the new platform is intended to open access to institutional-grade real estate opportunities in the UAE and the wider GCC.

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Aldar currently manages AED47 billion in real estate assets and has partnerships with global investors such as Apollo Global Management, the Carlyle Group, and Ares Management Corporation.

The developer’s shares rose nearly 2 percent to AED8.43 on Thursday morning and are up 8 percent over the past year.

Mubadala Capital is the alternative asset management subsidiary of $430 billion Mubadala Investment Company.