Mubadala and John Buck to jointly develop complex
Mubadala Development Company and Chicago-based John Buck Company are jointly developing an office complex similar to Chicago’s 10 and 30 South Wacker Drive on Abu Dhabi’s Al Suwwa Island.
Mubadala Buck Properties, the joint venture, will be based in Abu Dhabi and will be responsible for design, construction, financing, leasing and management of its projects, according to Middle East Economic Digest.
Al Suwwah, another island near Saadiyat, is being developed as the epicentre of financial and commercial activities in the commercial business district in line with Abu Dhabi 2030 master plan. The island will include a stock exchange, along with commercial and residential buildings, a hotel and a hospital managed by the Cleveland Clinic.
Oger Abu Dhabi, a local affiliate of construction company Saudi Oger, was selected for the first phase construction of the Suwa island project in 2007, while Royal Boskalis Westminster of the Netherlands is carrying out the dredging and reclamation works, Meed reported.
Chairman John A Buck is working on a deal to sell a 25 per cent stake in his company for a little less than $50 million (Dh183.5m) and Mubadala could be one of the likely suitors, according to Chicago Business.
In December, Related Cos, a privately held residential developer based in New York, raised $1 billion from Mubadala and Olayan Group, a Saudi Arabian company. The John Buck Company, which develops office space in Chicago, has diversified into residential, retail, hotel and alternative public sector opportunities.
In June 2007, the company formed a $300 million joint venture company with Singapore’s CapitaLand to develop residential, retail, sports and leisure buildings around the Zayed Sports City Stadium.
Of John Buck could be sold for $50m
Joint venture was formed to develop projects in Abu Dhabi
Follow Emirates 24|7 on Google News.