Wednesday, June 13, 2007

Mubadala to set-up a real estate development company through joint venture

The investment vehicle of the Abu Dhabi Government, Mubadala Development Company, has entered into a joint venture agreement with the CapitaLand of Singapore, to set up an integrated real estate development company, which will mainly invest in the realty market of Gulf.

The partners have committed to invest an initial equity worth $300 million. The announcement is followed by the launch of the Abu Dhabi Singapore Business Forum (ASBF).

The new company will be both a developer, and facility manager for its maiden developed that is scheduled to be launched at Abu Dhabi shortly.

The project covers 1.4 million square meters of land, and has two kilometers waterfront area. It is easily accessible to key transport networks and the central business district.

The plot is one among the few areas that is likely to be developed on the main island of Abu Dhabi.

The company is expected to identify new real estate opportunities for expanding its presence in the region and in Abu Dhabi.

The Managing Director and Chief Executive of Mubadala, Khaldoon Khalifa Al Mubarak, says "We found CapitaLand’s industry leadership in Asia, which means that the company has vast experience in executing such world-class development projects."

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