UAE, US venture to identify real estate projects

ABU DHABI: Home base for new joint venture from Gulf Capital and partner, Related Companies. (Getty Images)

Gulf Capital, the Abu Dhabi asset management firm, and Related Companies, the US-based real estate company, confirmed on Monday the launch of a new regional real estate development venture that will focus primarily on high-end, mixed-use real estate destination developments in the Gulf.

The new pan-GCC company, "Gulf Related", will be based in Abu Dhabi and will identify and pursue several large-scale mixed-use real estate development opportunities, initially in Abu Dhabi and Saudi Arabia, followed by a Middle East and Northern Africa (MENA) wide regional expansion at a later stage.

Gulf Related's initial capitalisation is AED180 million ($50 million) and is expected to rise to over AED1 billion by 2012.

The company raised its profile in 2007 when it aligned itself with a consortium of international partners through a $1.4 billion equity and debt investment by Goldman Sachs, MSD Capital, Kuwait Investment Authority, The Olayan Group and Mubadala Development Company.

Gulf Related's senior management will be led by Kenneth A. Himmel, President and CEO of Related Urban, the mixed-use division of Related Companies.

Commenting on the new venture, Hareb Al Darmaki, Chairman of Gulf Capital, said: ''The GCC enjoys a robust macro-economic outlook, significant liquidity and a young growing population.''

Stephen M. Ross, Chairman, founder and CEO of Related Companies said: ''It is our firm belief that the GCC is one of the fastest growing and most promising regions in the world and we are confident that together we will identify and unlock select exemplary and sustainable development opportunities."

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