Peter Wilding, Executive Director of Mubadala Real Estate & Hospitality accompanied Farglory Group (Farglory) chairman Teng-Hsiung Chao on a tour of Sowwah Island, the future site of four luxury waterfront towers to be developed by Taiwan’s leading real estate developer.

On November 4, Mubadala Real Estate & Hospitality (MREH), a business unit of Mubadala Development Company, signed an agreement with Farglory to develop approximately 153,000 square meters of gross floor area of residential, commercial and mixed-use areas in several phases over the coming years, with the first of these expected to be completed in 2014.

This marks the first investment by an international developer on the Island and follows the commercial plot purchases by the National Bank of Abu Dhabi and Al Hilal Bank.

“Sowwah Island has already established itself within the Abu Dhabi market as the premium investment destination with leading companies such as National Bank of Abu Dhabi and Al Hilal Bank developing their headquarter buildings on site,” said Wilding. “We are now seeing a growing interest among international investors who are seeking the right opportunity to be part of this development and the larger Abu Dhabi story.”

He added, “Farglory is the first international investor in Sowwah Island and will deliver the first residential mixed use properties. This is a significant step in delivering the project’s vision which is to create a thriving community that is home to 30,000 residents, with the new central business district at its heart.”

Mr Teng-Hsiung Chao, Chairman of Farglory Group commented, “Farglory is a diverse conglomerate and we have different divisions that have experience in Greater China, America and France but we were deeply moved by the farsighted and visionary development on Sowwah Island.” He added, “We believe that the little step we are making now signifies a major cooperation between Farglory and Mubadala and will strengthen the ties between Taiwan and Abu Dhabi.”

Established in 1969, Farglory is a land development and construction company that operates in Taiwan, China, the United States, and France. One of the largest companies in Taiwan, Farglory has more than NTD 400 billion in total assets, and is active in a host of industries including real estate development and construction, finance and insurance, air cargo logistics, recreation and leisure, commercial development, charitable activities and medical care.

The purchase will be made via a joint venture company in which Abu Dhabi-based Privinvest Holding and the Rehfeldt Group will hold a 30% stake; Privinvest Holding, owned by Akram and Iskandar Safa, is an investment entity focusing on technology, service ventures and real estate in the Middle East, Europe, Asia, and America.

The purchase will be made via a joint venture company in which Abu Dhabi-based Privinvest Holding and the Rehfeldt Group will hold a 30% stake; Privinvest Holding, owned by Akram and Iskandar Safa, is an investment entity focusing on technology, service ventures and real estate in the Middle East, Europe, Asia, and America.

Farglory’s investment in Sowwah Island is the company’s first expansion into the MENA region and is a strong testament to the growing prominence of Abu Dhabi in the region’s economic landscape. Cleveland Clinic Abu Dhabi, Four Seasons Hotels and Resorts and Rosewood Hotels & Resorts are among the other top international companies that will be based at Sowwah Island.

“Sowwah Square, the heart of Sowwah Island, has already attracted many blue chip companies, and will consist of four Grade A, high-rise commercial towers flanking the new Abu Dhabi Securities Exchange building. All four towers are expected to be completed in early 2011, with a significant amount of the main infrastructure already substantially complete,” said Wilding.

Sowwah Island is a 114-hectare island strategically located at the junction of Reem Island, Mina Zayed, and the existing downtown area of Abu Dhabi Island. In addition to featuring a dynamic combination of premium commercial and residential clusters, luxury business hotels, comprehensive retail, and medical facilities, the Island will also feature an integrated and multi-layered transport network to ensure efficient, convenient access from all areas of Abu Dhabi, including 13 new bridges and a mass transit system with both light and heavy rail.

Notes to Editors:

About Mubadala Development Company

Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the management of partnerships and long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and contribute to the growth and diversification of its economy.

Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors including aerospace, energy, healthcare, industry, information communications and technology, infrastructure, real estate and hospitality. For more information about Mubadala please visit http://www.mubadala.ae

About Mubadala Real Estate & Hospitality (MREH)

Mubadala Real Estate and Hospitality (MREH) is a business unit of Mubadala focused on domestic and international projects in the real estate and hospitality sectors. A critical component of Mubadala’s broader mission, MREH is responsible for overseeing strategic projects that are part of the development plans of Abu Dhabi and that help drive the local tourism sector.

With a mandate to drive Abu Dhabi’s long-term development and deliver key projects within Capital 2030 (formally known as Plan Abu Dhabi 2030): Urban Structure Framework Plan, MREH develops strategic, large scale commercial, residential and leisure districts to the best standards of quality, functionality and sustainability. Key Abu Dhabi projects include the development of Sowwah Island, Sowwah Square, Arzanah and Mina Zayed Waterfront.

Within the hospitality sector, MREH is helping to drive the tourism sector by developing world-class hospitality projects in Abu Dhabi, attracting leading hotel operators to the Emirate. MREH also owns 50% of luxury hotel operator Viceroy Hotel Group and has been actively driving its expansion into key gateway cities and leading destinations around the world.

For further information about Sowwah Island please visit: http://www.sowwahisland.ae

About Farglory

Farglory Group started in the land development and construction business as in 1969. Metropolitan Construction and Farglory Group have expanded rapidly over the last forty years in the form of its affiliates which include Property Development and Construction, Finance and Insurance, Air Cargo Logistics, Recreation and Leisure, Dome Complex, Commercial Development, Charitable Activities and Medical Care, and Overseas Investment. Today Farglory Group operates in Taiwan, China, the United States and France. With more than NTD400 billion in total assets, Farglory Group is positioned to provide trustworthy and diversified services that fully satisfy customers’ needs on every front far from into the future. Also Farglory Group has won numerous prizes over the years and has been ranked as the 39th largest business.

Media Contacts:

Salam Kitmitto
Edelman Public Relations
E: salam.kitmitto@edelman.com
M: +971 (0)50 800 8268