Mubadala launches its hospitality, realty unit
The company says the division "will set a new standard by bringing high-quality commercial and residential real estate, hospitality and related services to Abu Dhabi and internationally".
Meanwhile, the multi-billion-dollar MGM project is to be developed on a 150-acre site at Port Zayed.
"At the heart of its strategy, Mubadala Real Estate and Hospitality is building businesses and creating partnerships with leading companies that share our values," CEO Waleed Al Mokarrab Al Muhairi said at Cityscape Abu Dhabi.
"These partnerships will in turn deliver architecturally outstanding and sustainable residential and commercial properties supported by world-class property management services.
"The developments will not only provide secure investment opportunities but will also ultimately create sustainable and integrated communities in Abu Dhabi and internationally.
"Every partnership and joint venture will deliver benchmark projects, be in line with Plan Abu Dhabi 2030 and enhance Abu Dhabi's standing as a global capital city.
"Abu Dhabi's economic diversification journey includes a vibrant hospitality sector, one that caters to a flourishing society and supports the overall Abu Dhabi plan. Mubadala is investing and building new businesses by partnering with experts in a variety of sectors including real estate and hospitality."
The company, which is owned by the Abu Dhabi Government, signed an agreement with MGM Mirage Hospitality in 2006 to develop leisure and entertainment facilities and create a world-class tourism destination. Jamal Aziz, President and CEO of MGM Mirage Hospitality and President and Chief Operating Officer of MGM Grand, said he was delighted to be introducing the luxury hotel brands to Abu Dhabi.
"Our development will be anchored by the 600-room MGM Grand Abu Dhabi and our Skylofts and Signature hotels," he said.
The master plan involves extending the Corniche promenade and creating more than 3km of boardwalks along the waterfront. There will be 25,000 sq m of high-end retail, dining and entertainment venues, a 10,000-seat indoor arena and a 3,000-seat outdoor amphitheatre as well as apartments and townhouses.