Business | Property
Mubadala unveils property and hospitality arm
Mubadala Development Company yesterday launched a property and hospitality arm - Mubadala Real Estate and Hospitality.
- Staff Reporter
- Published: 00:41 May 14, 2008
- Image Credit: Ravindranath/Gulf News
- Shaikh mohammad inspecting the Sawwah Square project of Mubadala at the Cityscape exhibition.
Dubai: Mubadala Development Company yesterday launched a property and hospitality arm - Mubadala Real Estate and Hospitality.
"As Abu Dhabi grows and the economy diversifies, the emirate's real estate and hospitality sector needs sustainable developments. Mubadala Real Estate and Hospitality is setting a new standard by bringing high quality commercial and residential real estate, hospitality and related services to Abu Dhabi and internationally," a company statement said.
Mubadala Real Estate and Hospitality's current initiatives include Capitala, a joint venture with the Singapore-based CapitaLand. It is a strategic real estate master planner and developer committed to designing, building, managing and maintaining world-class integrated communities.
Capitala's flagship development is Arzanah, an unparalleled residential community blended with the best of retail, leisure and sports, allowing residents and visitors to discover the perfect setting for work, recreation and relaxation.
Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala, said, "At the heart of its strategy, Mubadala Real Estate and Hospitality is building businesses and creating partnerships with industry leading companies that share our values. These partnerships will in turn deliver architecturally outstanding and sustainable residential and commercial properties, supported by world-class property management services.
The developments will not only provide secure investment opportunities, but also create sustainable and integrated communities in Abu Dhabi and internationally.
"Every project, partnership and joint venture undertaken by Mubadala Real Estate and Hospitality will deliver benchmark projects, be in line with the Urban Structure Framework plan - Plan Abu Dhabi 2030, and enhance Abu Dhabi's standing as a global capital city," he said.
Project location
Mubadala yesterday announced the location of the MGM Grand Abu Dhabi, developed by MGM MIRAGE Hospitality, at Mina Zayed, Abu Dhabi.
The project will comprise leisure and entertainment facilities and forms part of a 150-acre urban waterfront redevelopment that is a major element in Abu Dhabi's plans to become a world-class tourism destination.
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