Singapore-based CapitaLand and Abu Dhabi investment agency Mubadala Development Company have set up a $300 million (€62.8 million) joint venture to develop property projects.
Mubadala will have a 51 percent stake in the new company, called Capitala. It will focus on developing projects in the Abu Dhabi, the capital of the United Arab Emirates, Mubadala Chief Financial Officer Carlos Obeid told a news conference Monday.
Obeid said Abu Dhabi is experiencing rapid expansion, with population growth projected to be over three million by 2030. “Our strategy of making capital-intensive investments with long-term horizons will contribute to the regeneration of property in Abu Dhabi as well as enhance the real estate sector in the Emirate,” he said.
Headquartered in Singapore, CapitaLand is the largest real estate company in South East Asia by market capitalization, the largest owner/manager of retail malls in Asia and the largest serviced residence owner-operator worldwide. Its real estate and hospitality portfolio spans more than 100 cities in over 20 countries, including projects such as the Clarke Quay in Singapore, Freshwater Place in Melbourne, Canary Riverside in London, and Raffles City integrated developments in Singapore and Shanghai. CapitaLand is also currently developing Bahrain's waterfront Raffles City.
Mubadala is a state-owned agency of Abu Dhabi through which emirates are investing. In March, Mubadala set up a similar JV with Chicago-based John Buck Company.
Capitala's flagship project, due to be launched in the next few weeks, will be on the land surrounding Zayed Sport City Stadium. The $1.1 billion project will be a mixed use integrated development that spans across a 1.4 million-square meter site together with a 2 kilometer prime waterfront area.
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