Singapore's CapitaLand in Abu Dhabi joint venture

0 Comments | AFP, June, 2007

SINGAPORE (AFP) — Singapore's CapitaLand has entered into a 300 million US dollar joint venture to build an integrated residential development in Abu Dhabi, the company said Monday.

The venture with state-owned Mubadala Development Company will pave the way for CapitaLand to grow its portfolio in the oil-rich region which boasts some of the highest per capita incomes in the world, the company said.

"The signing of the joint venture agreement with Mubadala paves the way for CapitaLand to establish a long-term strategic relationship to grow its presence in Abu Dhabi and around the Gulf Cooperation Council region," CapitaLand president and chief executive Liew Mun Leong said in a statement.

The joint venture will be 51 percent owned by Mubadala with CapitaLand...

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