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Wed 14 Jul 2010 01:45 PM

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Abu Dhabi's Mubadala signs JV with Pramerica

Inv't authority in deal with US firm to raise capital to invest in markets.

Abu Dhabi-owned investment authority Mubadala has entered into a JV with Pramerica Real Estate to raise capital to invest in domestic and foreign markets, the company said in a statement on Wednesday.

Pramerica Real Estate is owned by US-based Prudential Financial, Inc..

Waleed al Muhairi, Chief Operating Officer for Mubadala, said; "By partnering with Pramerica, we're bringing together one of the world's leading real estate investment companies with our regional market expertise and knowledge. This is a compelling prospect for investors that want to participate in the current and future growth of the region."

The statement added Abu Dhabi expects to double its residential population in the next twenty years to over three million. The JV would aim to offer vehicles investing in affordable residential properties for nurses, engineers, technicians, teachers and other mid-income professionals in Abu Dhabi, it said.

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