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Mubadala Investment Company announced in a statement that it had signed a memorandum of understanding with TARAF, the real estate division of UAE-headquartered investment holding group Yas Holding, to explore a major mixed-use waterfront destination on Al Reem Island. The agreement was inked during LIVEX 2026 and witnessed by Dr. Bakheet Al Katheeri, chief executive officer of Mubadala’s UAE Investments platform, and Wissam El Dik, chief development officer of Taraf Development. Ali Eid AlMheiri, executive director of diversified assets for Mubadala’s UAE Investments Platform, and Low Ping, group chief executive officer of Yas Holding, executed the document as the two sides agreed to assess plans for the site.
The proposed development would stretch across 10 plots totaling roughly 655,000 square feet of land while delivering approximately 5.4 million square feet of gross floor area, according to the Mubadala statement. The integrated masterplan envisions a combination of residential, commercial, retail and food and beverage components that would strengthen connectivity across the waterfront district. TARAF’s concept places walkability at the forefront through landscaped pedestrian paths, public plazas and ground-level amenities that link residential towers to commercial spaces while improving access to the waterfront.
Residential offerings would range from one- to four-bedroom apartments to penthouses, the announcement detailed, alongside dedicated public areas designed to serve both residents and visitors. Al Reem Island has developed into a prominent residential and economic waterfront district that supports Abu Dhabi’s broader urban expansion, Mubadala noted in the release. The collaboration would seek to enhance the island’s role by creating a cohesive environment that blends living, working and leisure functions.
AlMheiri stated that the partnership reflected shared goals around community and livability. “Our role as investment partner in this MoU with TARAF reflects a shared ambition to support Al Reem Island’s growth as a destination centred on livability and community. Al Reem Island is a key residential and economic waterfront district and continues to contribute to Abu Dhabi’s urban growth. By combining residential, commercial, retail and public spaces within one coordinated vision, we aim to reinforce Mubadala’s commitment to creating lasting value,” he said.
The statement did not disclose specific timelines for the next phase of evaluation or any projected investment figures associated with the potential project. Mubadala maintains an active role in Abu Dhabi’s real estate sector through its UAE Investments platform, which has backed multiple waterfront and community developments across the capital. TARAF, as Yas Holding’s dedicated real estate arm, focuses on delivering integrated masterplans that emphasise quality design and long-term value in prime locations.
