Abu Dhabi fund to acquire remaining 49% of company before end of March, no value given for deal
Abu Dhabi state-owned fund Mubadala will acquire the
remaining 49 percent of a property joint venture it formed with US developer
John Buck and will integrate the company into its existing real estate
The investment firm did not disclose the value for the deal
but said in a statement on Monday that the transaction will be completed in
Mubadala appointed Tom Mikus as the new company's chief
executive officer. Mikus joined Mubadala from Saudi Arabia's Al Rajhi Group, it
said in the statement.
The venture, named John Buck International (JBI), was
created in 2008 to build commercial projects in the emirate. The company will
continue to work on projects such as Sowwah Island infrastructure and Sowwah Square.
Sowwah Island is Abu Dhabi's new central business district.
Mubadala posted a first-half loss of $1.12bn in September
driven by the falling value of stakes it has in other companies.
In February, the investment fund converted its stake in Advanced
Technology Investment Co (ATIC), a technology investment firm, into a
wholly-owned subsidiary as Abu Dhabi seeks to diversify its economy away from
Mubadala also has stakes in AMD and Ferrari, as well as
General Electric and private equity firm Carlyle.
Along with its international holdings, Mubadala also owns
stakes in local firms including UAE telecom operator du and developer Aldar
Properties, which it supported with a $5.2bn bailout as Aldar struggled with
its large debt pile.