Mubadala-MAF to develop Dh18bn project
A shopping mall, leisure and office project will be developed in the capital by a joint venture set up by Mubadala Development and Majid Al Futtaim Group.
The Dh18.5 billion complex – which will include hotels and a Carrefour store – will be one of the key elements of the wider Arzanah project, the residential development taking shape in the Grand Mosque district.
The 1.4 million square metres waterfront development will have a canal weaving between high-rise apartment towers and villas, communal gardens and extensive walking and cycling trails. When it is completed in 2012, the site will be home to 18,000 residents and will attract two million visitors a year.
The agreement to form the joint venture was signed by Waleed Al Mokarrab Al Muhairi, Mubadala's Chief Operating Officer, and Majid Al Futtaim Group CEO Anders Moberg.
"The signing of this agreement will introduce a special blend of innovative retail and hospitality concepts to the wider Abu Dhabi community and promote an active community lifestyle that is the hallmark of Arzanah," said John Thomas, Executive Director of Mubadala's real estate and hospitality division. Moberg said: "This first mixed-use development will further enrich the retail and leisure experience for the community of Abu Dhabi. Together with Mubadala, the Majid Al Futtaim Group is committed to delivering inspired, exciting developments in Abu Dhabi."
Arzanah was launched at Cityscape Abu Dhabi by Capitala, the Abu Dhabi-based real estate developer and master planner formed through a joint venture between Mubadala and the Singapore-based CapitaLand.
In addition to the Zayed Stadium, other facilities for residents in Arzanah will include the ATP-standard Abu Dhabi International Tennis Complex, the 40-lane world-class Khalifa International Bowling Centre, the Abu Dhabi Ice Rink and a state-of-the-art Aquatic Centre.
Arzanah will also be home to Abu Dhabi Knee and Sports Medicine Centre, the first healthcare facility in the Middle East to specialise in the diagnosis and treatment of patients with knee and sports-related injuries.