Mubadala Development, an Abu Dhabi Government-owned investment and development company, announced today the launch of its subsidiary Al Hikma Development Company.

The new company will develop a modern campus for the UAE University on a BOOT (Build Own Operate and Transfer) basis. The announcement was made in an event held at the Emirates Palace Hotel under the patronage and in presence of His Highness Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Chairman of Abu Dhabi Education Council and Chairman of Mubadala.

The event was attended by Executive Council Members; His Excellency Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education & Scientific Research, Chancellor of UAE University and a group of prominent dignitaries in the country.

The multi-phase project, which is scheduled to be completed in 2010, will encompass more than 80 hectares in Al Maqam area of Al Ain city. Al Hikma’s responsibility will extend to the overall operation of the university for the next 28 years. His Excellency Sheikh Nahyan Bin Mubarak Al Nahyan said that the UAE University is the nation’s first higher academic institution. “Now, after three decades of the University’s establishment we realized the need to solidify its leading position locally and drive it forward to become the region’s leading education center. The campus development project comes as the first step towards this end.”

“We are very proud to launch the new company,” said His Excellency Khaldoon Khalifa Al Mubarak, CEO of Mubadala. “It will enable us to work side by side with the University to further such a strategic development sector. Education has always been our leaders’ priority and the late Sheikh Zayed Bin Sultan Al Nahyan has laid the foundation stone to our modern education system.”

“We will invite private institutions to invest in Al Hikma Development in the near future making this a true public-private partnership” Al Mubarak added.

To ensure its scheduled completion in 2nd Q 2010, Al Hikma has divided the project into four phases, commencing in 2nd Q 2006. “Al Hikma has been established to develop the new university campus,” commented Roderick Mathers, General Manger of Al Hikma Development Company. “Plans are set to complete the construction in four years to accommodate up to 20,000 male and female students. The new campus, designed in a modern architectural style, will provide state-of-the-art teaching and recreational facilities, including accommodation for students and university staff.” He added.

Al Hikma will act as the lead operator and has assigned “Khadamat Facility Management” Company, a joint venture between Mubadala Development and SERCO PLC of the UK, to provide support services, maintenance and day-to-day operations for the campus. “Our vision in Mubadala is to become a benchmark for regional business excellence, and to create lasting benefits for the Emirate of Abu Dhabi and its people, through our focus on investing in market driven, sustainable business opportunities and in developing managerial expertise,” concluded His Excellency Khaldoon Al Mubarak.