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.
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.”