Sunday, August 03, 2008

Mubadala, Majid Al Futtaim to develop shopping mall in Abu Dhabi

Original Article

Dubai: Mubadala Development Company (Mubadala) and Majid Al Futtaim Group announced on Sunday the signing of a joint venture agreement to invest in a mixed-use development in Abu Dhabi which is scheduled for completion by 2012.

The project will feature a shopping mall destination that features a blend of quality retail outlets, including Carrefour, leisure concepts, hotels and office spaces.

It will be developed as one of the key elements of the Arzanah project, the high-profile residential development taking shape at the Grand Mosque District of Abu Dhabi.

The 1.4-million-square-metre Arzanah development features a waterfront and a canal weaving throughout luxurious high-rise apartment towers and family villas, communal gardens and extensive walking and cycling trails.

“The signing of this joint venture agreement with Majid Al Futtaim Group will introduce a unique blend of innovative retail and hospitality concepts to the wider Abu Dhabi community that promote an active community lifestyle that is the hallmark of Arzanah,” said John Thomas, executive director of Mubadala Real Estate and Hospitality.

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