Property in Dubai
Mubadala, US group, launch new joint venture firm
Mubadala has signed deal with Pramerica Real Estate Investors, the real estate arm of US-based Prudential Financial, to launch a company to raise capital from investors to fund real estate projects in the emirate and other global markets.
The new Joint Venture company to be based in Abu Dhabi, will be called Mubadala Pramerica Real Estate Investors (Mubadala Pramerica REI) and will follow the Pramerica's established research-based investment process.
This new venture will sponsor funds, which would be invested in the region and globally, a top official revealed.
The Mubadala COO, Waleed al Muhairi, said that this is a compelling prospect for investors seeking to contribute to growth of the region.
To begin with, the company will create investment opportunities to fund real estate projects in Abu Dhabi. Thereafter, the company will offer products across all real estate categories serving institutional investors across Europe, Asia, US and Middle East, with products particularly suited for family, office and high net worth investors in the region.
The venture also aims to offer vehicles for investing in affordable residential properties for technicians, nurses, teachers and such mid-income professionals in Abu Dhabi.
The venture is hoped to create better access for outside investors into the MENA region and vice versa.
Posted on 19/7/2010