Abu Dhabi's biggest developer Aldar Properties said it will invest 5 billion dirhams ($1.36 billion) to build new office, retail and hospitality facilities in the state by 2027.
The properties will be located in Al Maryah Island, Abu Dhabi's financial district, as well as in Yas Island and Saadiyat Island, to address "strong corporate demand for Grade A office space," Aldar said in a bourse statement.
The new properties, including a 12-storey office tower on Yas Island, a business park on Saadiyat Island, and a second commercial tower on Al Maryah Island, will be completed in phases between 2025 and 2027.
Upon completion, they will be part of the Aldar Investment Properties' portfolio, which counts U.S. private equity firm Apollo as a minority shareholder, the company said.
Abu Dhabi's financial district is expanding its area of jurisdiction to 10 times its footprint by adding al-Reem Island to its current location on al-Maryah Island, Reuters reported in September.
Abu Dhabi is home to three sovereign wealth funds, Abu Dhabi Investment Authority, Mubadala Investment Company and ADQ and is quickly becoming a hub for hedge funds, family offices, venture capital firms and crypto traders.
Last year Ray Dalio, the billionaire and founder of hedge fund Bridgewater Associates, opened a branch of his family office in the United Arab Emirates' capital, which has also attracted peers including Brevan Howard.
Aldar is 25%-owned by Mubadala and 26%-owned by International Holding Company, which is part of a business empire overseen by Sheikh Tahnoon bin Zayed al-Nahyan, the UAE's national security adviser and brother to the president.
($1 = 3.6725 UAE dirham)
Reporting by Federico Maccioni