$600m real estate project is planned for Malaysia
The announcement was made by Mubadala CEO Waleed Al Mokarrab Al Muhairi during his keynote address on the sidelines of Cityscape Abu Dhabi.
"The division [Mubadala Real Estate and Hospitality] is leading a consortium of international investors and developers in this integrated international city development in Nusajaya, Iskandar Region, Malaysia, with an initial investment of $600m," said Al Muhairi.
Nusajaya is located close to Singapore in the southern-most tip of the Malaysian province of Johar. He said the development's proximity to Singapore makes it a prime location for the project, which is being developed over 1,500 acres and will combine eastern culture, heritage and architecture with the latest technology, logistics and security systems.
"This investment by Mubadala Real Estate and Hospitality builds on strong cultural and commercial ties between the UAE and Malaysia. It also represents the single largest foreign real estate development in Malaysia.
"Irrespective of geography, Mubadala Real Estate and Hospitality seeks to support growth in new areas of the economy while helping to drive the development, diversification and regeneration of Abu Dhabi," he said.
Al Muhairi also announced an exclusive partnership with the Los Angeles-based KOR Hotel Group to develop and grow their two luxury brands of The Tides and Viceroy in the region. He said the tie-up with the group will bring its world-class hospitality capability to Mubadala Real Estate and Hospitality.
The tie-up, he added, also carried with it a proven track record among international developers.