Mubadala, the Abu Dhabi government investment company, is winding down its property development business as real estate prices continue to fall in the emirate.
In unusually candid comments, Waleed al-Muhairi, Mubadala’s chief operating officer, said the company had “taken some gambles and I think been proven wrong in some of the businesses that we’ve done”, making a specific reference to the fund’s property activities.
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