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Mubadala and Majid Al Futtaim group develop shopping mall, hotels and offices in Abu Dhabi

Mubadala Development Company (Mubadala) and Majid Al Futtaim Group today announced the signing of a joint venture agreement to invest in a mixed-use development which will include a unique shopping mall destination with a blend of quality retail outlets, including Carrefour, innovative leisure concepts, hotels, and office space.

03 August 2008

Mubadala Development Company (Mubadala) and Majid Al Futtaim Group today announced the signing of a joint venture agreement to invest in a mixed-use development which will include a unique shopping mall destination with a blend of quality retail outlets, including Carrefour, innovative leisure concepts, hotels, and office space.

This new exciting 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. 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 an unequalled blend of retail, leisure and sports, allowing residents and visitors to discover the perfect setting for work, recreation and relaxation.

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 such as a shopping mall, hotel and office project, scheduled for completion by 2012.

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.”

Anders Moberg, Chief Executive Officer, 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.”