ABU DHABI, 31 March 2008 — Abu Dhabi-owned Mubadala Development Company that manages over $10 billion of assets, and the Chicago-based John Buck Company (TJBC) yesterday announced the launch of a joint venture company — John Buck International.
The new company will specialize in premium quality, integrated real estate development, leasing and management services. John Buck International will provide specially designed developments that are tailored to the specific and sophisticated needs of their tenants. This initiative reflects the two companies’ shared strategic approach toward developing and managing high-quality, complex projects in leading markets. Mubadala gains access to JBC’s expertise and longstanding track record for delivering superior quality commercial real estate development, leasing and property management services, with JBC gaining access to one of the world’s fastest growing real estate markets in Abu Dhabi.
Speaking at the announcement, Carlos Obeid, chief financial officer of Mubadala, said “We are very enthusiastic about this new partnership. The establishment of John Buck International will provide the very best fully integrated commercial real estate services for Abu Dhabi and the region. A vibrant and world class real estate sector is critical to sustaining Abu Dhabi’s economic growth and Mubadala is committed to delivering quality commercial real estate in the emirate through partnerships that bring the best international expertise to Abu Dhabi.”
John Buck, chairman of TJBC and CEO of John Buck International said, “Everyone at The John Buck Company is incredibly excited about this partnership with Mubadala. As companies and people, we share a common vision; one that is focused on enhancing the value of real estate for users and investors, and making Abu Dhabi an ideal destination to live and work.”
Mubadala has partnered with TJBC because of its outstanding track record for quality real estate development, leasing, and management services. In this fashion, John Buck International will serve Abu Dhabi and the region well by providing these important integrated real estate services, and playing an important role in developing key components in line with “Plan Abu Dhabi 2030” — the comprehensive urban plan for the Emirate.
In a separate development, Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, yesterday announced the acquisition of a significant stake in the True Group, a leading provider of wellness services in Southeast Asia. The investment will support the group’s international expansion drive into new markets.
Sameer Al Ansari, executive chairman and chief executive officer of DIC, said: “We view this acquisition as an important milestone in the evolution of Dubai International Capital Emerging Markets as it demonstrates our ability to operate even in the most challenging mergers and acquisitions and credit market conditions and reinforces our position as a partner of choice for such well-run businesses.”
DIC’s investment in the True Group will enable further growth of the group’s operations throughout South East Asia, the Indian subcontinent and the Middle East.
