Farglory wins $1b deal in Abu Dhabi: report

03 Nov 2010

(MENAFN) Taiwan’s Farglory Group will develop an estimated $1 billion hotel and residential project in Abu Dhabi’s new financial district in partnership with the emirate’s state fund, Reuters reported

The project, which includes high-end residences, office buildings, luxury hotels and shopping malls, is slated to break ground in the third quarter of next year, with completion due in 2016.

The project will form part of the Sowwah Square development, which will be the future home of the Abu Dhabi stock exchange and which the emirate is building up as a financial centre, backed by state investment fund Mubadala.

Abu Dhabi, the United Arab Emirates’ capital, is investing heavily in sectors such as real estate, industry, tourism and infrastructure to diversify its economy from oil. Work on Sowwah Square began in 2007.

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