Hedge Fund Influx Has Abu Dhabi Eying $16 Billion Expansion

After attracting the world’s biggest financial firms and thousands of professionals to its financial hub in recent years, Abu Dhabi is planning a $16 billion expansion to add more offices, luxury homes and retail space.

Sovereign wealth fund Mubadala Investment Co. and the city’s biggest developer Aldar Properties PJSC are partnering on the mixed-use development that will double the Grade A office space on Al Maryah Island, home to the ADGM financial center. Aldar will hold a 60% stake in the venture, which will add 3,000 luxury waterfront residences, along with retail and hospitality space, according to a statement Monday.