Mubadala, Aldar extend partnership to own and manage over $8 bln of assets in Abu Dhabi
DUBAI, Sept 18 (Reuters) -Developer Aldar Properties ALDAR.AD and sovereign fund Mubadala have extended their partnership to own and manage assets worth over $8.2 billion across Abu Dhabi, as part of efforts by the UAE capital to boost its global appeal.
The deal aims to "drive further transformation and growth of Abu Dhabi as a global business and lifestyle destination," the companies said in a joint statement.
Abu Dhabi is home to three sovereign wealth funds, Mubadala, ADIA and ADQ, which together manage $1.54 trillion in assets, according to sovereign wealth fund tracker Global SWF.
Aldar and Mubadala have set up four joint ventures under details outlined on Wednesday, with one focused on combining ownership of a couple of premium shopping malls and another on acquiring residential and commercial assets in the district of Masdar City.
The two other ventures are aimed at developing luxury real estate projects for two islands off the coast of Abu Dhabi for a combined gross development value of $3.54 billion, and creating a logistics park close to Zayed International Airport.
Aldar, Abu Dhabi's biggest developer, posted a 73% rise in revenue for the first half of the year to around $3 billion.
It is 25%-owned by Mubadala and 26%-owned by International Holding Company (IHC), part of a business empire overseen by Sheikh Tahnoon bin Zayed al-Nahyan, a prominent ruling family member.
The number of residential real estate sales transactions in Abu Dhabi in the first quarter was estimated to have increased by 7.7% year on year, according to central bank data, although that is eclipsed by growth rates in neighbouring Dubai, where residential sales transactions increased by 28.4% year on year.
Abu Dhabi's airport saw a 36% year-on-year increase in passenger numbers in the first quarter, the central bank's quarterly review, released in June, said.
($1 = 3.6728 UAE dirham)
Reporting by Federico Maccioni and Rachna Uppal; Editing Mark Potter
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