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FINANCIAL NEWS
Gulf Related buy 4 plots of land from Abu Dhabi’s Mubadala
29 Dec 2012
(MENAFN) Mubadala Real Estate & Infrastructure (MREI), a unit of Mubadala Development Company, has sold four land plots on Al Maryah Island in Abu Dhabi for a retail project, Arabian Business reported.
The company said it delivered the plots to Gulf Related for a further 288,200 sq m of retail space in Sowwah Square. The value of the transaction was not disclosed.
When completed, Sowwah Square district, already home to over 40 blue chip companies, and adjacent to Cleveland Clinic Abu Dhabi, will accommodate a working population of over 10,000 residents.
MREI and Gulf Related have established a joint venture in January 2011 to develop, lease, and operate The Galleria at Sowwah Square.
Al Maryah Island, formerly known as Sowwah Island, has been designated as Abu Dhabi’s new central business district (CBD). Sowwah Square marks the completion of Phase 1 of Al Maryah Island’s development.
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