By IANS,
Abu Dhabi : This fast growing capital city of the United Arab Emirates (UAE) will soon have a mixed-use commercial development that will be part of a wider high-profile residential district launched recently.
A joint venture agreement to this effect has been signed between Mubadala Development Company, the investment vehicle of the government of the emirate of Abu Dhabi, and Dubai-based real estate major Majid Al Futtaim Group, according to a statement issued by Mubadala.
The new district will be a key element of the wider Arzanah project, a high-profile residential development taking shape at the Grand Mosque district of Abu Dhabi.
“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,” John Thomas, executive director of Mubadala Real Estate and Hospitality, said in the statement.
The Arzanah project 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.
The 1.4 million square metre development will feature a waterfront and a lively canal weaving throughout luxurious high-rise apartment towers and family villas, community gardens, and extensive walking and cycling trails.
Working in consultation with the project’s master developer Capitala, this new joint venture between Mubadala and Majid Al Futtaim Group will bring to Arzanah and the wider community of Abu Dhabi retail and hospitality concepts such as a shopping mall, hotel and office project, the statement said.
The commercial area is scheduled for completion by 2012.