BEIJING: Abu Dhabi Investment House (ADIH) has signed a memorandum of understand (MoU) with Shanghai Construction (Asia) Co. Ltd. (SCAC), a major Chinese construction firm. The MoU is designed to establish a 50-50 joint venture in order to acquire up to 16 real estate projects across China worth $6 billion.
“The signing of this MoU signifies ADIH’s commitment to unique and successful projects with major international strategic partners,” Rashad Y. Janahi, managing director and board member, ADIH, said. “China is the biggest growing economy in the world and it is essential for us to be part of its development and growth, which also fits ADIH strategy. We are extremely glad to have partnered with SCAC, a major player in the market where we both will be looking at implementing successful projects for our investors as well as the local community,” he added.
“Our partnership with ADIH will help implement big ideas into reality,” Gaven Ching Man Ho, chairman, SCAC, said. “Our expertise in the construction and engineering field and ADIH’s expertise in the investment and finance sectors combined will no doubt be a major force.
We are proud to have partnered with ADIH, a reputable and professional investment firm that believes in what it does. We are sure the projects in line will definitely assist in providing adequate and safe premises for the growing population of China,” he added.
The signing ceremony took place at the Renaissance Teda Hotel, Tianjin, around the World Economic Forum Annual Meeting for the New Champions.
