Mubadala plans first JV project

A recently established joint venture between Abu Dhabi's Mubadala Development Company and the US-based John Buck Company will launch its first project in Abu Dhabi at the end of April.

Although details and a value have not been disclosed, the project will be for commercial purposes and is likely to be built on Suwa island in Abu Dhabi, which is being developed as a commercial district and is in line with the Plan Abu Dhabi 2030.

The district will include a stock exchange, a hotel and a hospital, with buildings reaching up to 70 floors.

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"We've been working on the initial project for the last 12 months," said John Thomas, associate director, real estate, Mubadala Development Co.

The real estate market in Abu Dhabi is based on an urban plan, which has a concerted approach to development, so we've been working closely with the municipality.

The new joint venture company is called John Buck International and will focus on commercial real estate development, leasing and property management services. The company's initial market will be Abu Dhabi.

"We're looking at partnering with the best architects, consultants and contractors in the region for our projects," said Thomas.

Thomas added that John Buck Company was the first property developer in the US to be awarded the Leadership in Energy and Environmental Design (LEED) Gold status.

"From that perspective, we want to make sure the same philosophy is incorporated into our projects here," added Thomas.