Mubadala Development is taking full control of a property joint venture it formed two years ago with the US developer John Buck to build commercial projects in Abu Dhabi.
Mubadala, a strategic investment company owned by the Abu Dhabi Government, said yesterday it would buy the remaining 51 per cent stake in John Buck International, the joint venture, for an undisclosed amount this month. Peter Wilding, the executive director of Mubadala Real Estate and Hospitality, said the decision was based on a "realignment" of the company's structures.
"It helps in the sense that we now have absolute control of what we're doing going forward," he said. "This isn't a divorce. This is just an opportunity for both partners to realign."
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