Business | Property
Abu Dhabi Investment House signs deal for $6b China property ventures
Abu Dhabi Investment House (ADIH) announced that it signed a Memorandum of Understand (MoU) with major Chinese construction firm Shanghai Construction Asia Co. LTD known (SCAC). The MoU is designed to establish a 50-50 joint venture in order to acquire up to 16 real estate projects across China worth $6 billion.
- Staff Report
- Published: 15:47 September 28, 2008
Dubai: Abu Dhabi Investment House (ADIH) will form a $6-billion (Dh22 billion) joint venture with a leading Chinese construction firm, a top ADIH official has said.
The joint venture with the Shanghai Construction (Asia) Co Ltd (SCAC) - for which a memorandum of understanding has been signed - will acquire up to 16 real estate projects across China, Rashad Janahi, the ADIH managing director, said in a statement.
"The signing of this MoU signifies ADIH's commitment to unique and successful projects with major international strategic partners," Janahi said.
"China is the biggest growing economy in the world and it is essential for us to be part of its development and growth, which also fits ADIH strategy," he added.
"We are extremely glad to have partnered with SCAC, a major player in the market where we both will be looking at implementing successful projects for our investors as well as the local community," he added.
"Our partnership with ADIH will help implement big ideas into reality," said Gaven Ching Man Ho, the chairman of SCAC.
Big projects
He expressed the hope that the tie up will help his company execute big projects. "We are sure the projects will definitely assist in providing adequate and safe premises for the growing population of China," he added.
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