Abu Dhabi state-owned fund Mubadala will acquire the remaining 49 per cent of a property joint venture it formed with US developer John Buck and will integrate the company into its existing real estate businesses.
The investment firm did not disclose the value for the deal but said in a statement on Monday that the transaction will be completed in March.
Mubadala appointed Tom Mikus as the new company's chief executive officer. Mikus joined Mubadala from Saudi Arabia's Al Rajhi Group, it said in the statement.
The venture, named John Buck International (JBI), was created in 2008 to build commercial projects in the emirate.
The company will continue to work on projects such as Sowwah Island infrastructure and Sowwah Square. Sowwah Island is Abu Dhabi's new central business district.
Mubadala posted a first-half loss of $1.12 billion in September driven by the falling value of stakes it has in other companies.
In February, the investment fund converted its stake in Advanced Technology Investment Co. (ATIC), a technology investment firm, into a wholly-owned subsidiary as Abu Dhabi seeks to diversify its economy away from oil. [ID:nLDE71F055]
Mubadala also has stakes in AMD and Ferrari, as well as General Electric and private equity firm Carlyle.
Along with its international holdings, Mubadala also owns stakes in local firms including UAE telecom operator du and developer Aldar Properties , which it supported with $5.2 billion.
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