Abu Dhabi: Mubadala Real Estate and Infrastructure unveiled the master plan for Arzanah, a new community development near Zayed Sports City in Abu Dhabi. The 1.9 million square meter development will include residential, retail, hotels, education, sports, and health care offerings, and will be located at the gateway point to the Capital, a top executive of Mubadala said on Tuesday.
“Historically we were focusing on the development of Al Maryah Island. Now we are introducing a new project which is the redevelopment of Zayed Sports City. This project will keep us busy in the next ten years and will further drive the growth of Abu Dhabi’s retail, health care, residential, entertainment and hospitality sectors,” said Ali Eid Al Mheiri, Executive Director of Mubadala Real Estate and Infrastructure speaking to Gulf News on the sidelines of Cityscape Abu Dhabi. The total investment in the project is not known.
From a retail perspective, the plan include a 316,918 square meter indoor shopping Centre, which will house a bowling alley and ice rink, and other family-focused entertainment elements.
In addition, investment plots are available for school developments by third party developers, he said.
Speaking on Al Maryah Island, he said they are continuing with leasing and sales activity on the island.
“We have four commercial towers on Al Maryah Island. Two of them are almost full and two are being leased right now. Al Maryah Central shopping mall is under construction. “
The company has recently announced an agreement with Eshraq Properties to explore partnership in developing plots owned by Mubadala on Al Maryah Island and by Eshraq Properties on Al Reem Island.
“We are creating a partnership to develop something good. The cooperation with private sector is very important and we would like to encourage it as much as possible,” he said on the partnership.
Mubadala Real Estate and Infrastructure is a real estate arm of Mubadala Development Company which is being merged with International Petroleum Investment Company.
