Abu Dhabi, New York firms in equity deal

An Abu Dhabi private equity firm has formed a partnership with the US company that built the US$1.7 billion (Dh6.24bn) Time Warner Center in New York to work on several new projects in Abu Dhabi and Riyadh.

The two companies hope to take advantage of cheaper land and housing shortages in both cities.

Gulf Capital, the investment company, and Related Companies, based in New York, plan to build up to five mixed-use property developments in the next five years worth as much as Dh5bn each.