|
Dubai: The Mubadala Development Company (Mubadala) and Majid Al Futtaim (MAF) Group yesterday said they have signed a joint venture agreement to invest in a mixed-use development, which will include a shopping mall with quality retail outlets, including Carrefour, leisure concepts, hotels, and office space.
"This new mixed-used project will be developed as one of the key elements of the wider Arzanah project, the high-profile residential development taking shape at the Grand Mosque District of Abu Dhabi," a statement said.
Arzanah was recently launched by Capitala, the Abu Dhabi-based real estate developer and master planner, formed through a joint venture between Mubadala and the Singapore-based CapitaLand.
This 1.4 million square metre development features a pristine waterfront and a lively canal weaving throughout luxurious high-rise apartment towers and family villas, communal gardens, and extensive walking and cycling trails.
Arzanah will offer a blend of retail, leisure and sports, allowing residents and visitors to discover the perfect setting for work, recreation and relaxation.
John Thomas, executive director, Mubadala Real Estate and Hospitality said: "The signing of this joint venture agreement with Majid Al Futtaim Group will introduce a unique blend of innovative retail and hospitality concepts to the wider Abu Dhabi community that promote an active community lifestyle that is the hallmark of Arzanah."
Innovative concepts
Working in consultation with the project's master developer Capitala, this partnership between Mubadala and Majid Al Futtaim Group will bring to Arzanah and the wider community of Abu Dhabi innovative retail and hospitality concepts.
The project's star attractions - a shopping mall, hotel and office project - are scheduled for completion by 2012.
Anders Moberg, chief executive of the Majid Al Futtaim Group, said, "This first mixed-use development undertaken by our joint venture with Mubadala will further enrich the retail and leisure experience for the community of Abu Dhabi. Together with Mubadala, Majid Al Futtaim Group is committed to delivering inspired, exciting developments in Abu Dhabi."
|
