Mubadala Partners With Gulf Related For A Signature Retail Destination
Abu Dhabi – based Mubadala Real Estate and Hospitality (MREH) has teamed up with Gulf Related, a regional real estate development company, to develop, lease and operate a luxury shopping, dining and entertainment complex called The Galleria at Sowwah Square in the UAE capital’s new central business district (CBD) on the Sowwah Island.
MREH is a business unit of Mubadala Development, an investment company owned by the Abu Dhabi goverment that focuses on the domestic and international projects in the real estate and hospitality sectors to boost tourism and diversity the emirate’s economy.
Gulf related was formed in the 2009 as a partnership between Gulf Capital, one of the Middle East’s leading alternative asset management firms, and Related Companies, one of the largest private real estate development and investment firms in the US, known for developing New York’s land mark Time Warner Center and West Palm Beach’s dynamic CityPlace
Abu Dhabi’s Urban Planning Council has designated Sowwah Island as the new CBD of the emirate because of its strategic location, which makes it’s a focal point for major business, cultural and residential development projects. “Sowwah Island is the future of Abu Dhabi from the point of view of location, access and visibility. The site was selected by Mubadala to be the heart of their finacial center,” observed Kenneth A. Himmel, co-managing partner of Gulf Related and president and cheif executive officer of the Related Urban unit of Related.