Abu Dhabi investment fund Mubadala has announced that work has started on a $1bn residential complex in a venture with Taiwan's Farglory group.

The four-tower complex Maryah Plaza will be built in phases on Al Maryah island, Abu Dhabi's new financial free zone, with completion set for 2020, Mubadala said in a statement.

The planned Maryah complex will provide 500 premium residences with access to retail, hotels and offices. The first tenants are expected in 2016.

This is Farglory's first expansion into the Middle East and North Africa (MENA) region, the statement said, adding that it represents the first foreign investment on the island.

Last month Abu Dhabi outlined plans for a full-service financial free zone on Al Maryah island, due for launch in the fourth quarter of this year.

The project will also be connected by climate controlled pedestrian passageways to Sowwah Central, a regional retail destination due for completion in 2016 and Cleveland Clinic Abu Dhabi.

Residences will range from one-bedroom apartments to penthouses while the development will also offer parks and open spaces, art galleries, community centres, and street cafés and restaurants, the statement added.

"We are delighted to collaborate with the Farglory Group on the creation of a vibrant new neighbourhood that will be a further catalyst to the development of Al Maryah Island and the vision of Abu Dhabi's Central Business District," said Ali Eid AlMheiri, director, Mubadala Real Estate & Infrastructure.

Teng-Hsiung Chao, chairman of Farglory Group, added:"Al Maryah Island is a truly visionary mixed-use district and we are proud to have the opportunity to contribute to Mubadala's vision for this development."

 

Source : arabianbusiness.com