Dubai: Abdali Development and Investment on Wednesday said a 16,823 square metre parcel - the largest land parcel to date - within the new Abdali downtown in Abu Dhabi has been acquired for development by SinoGulf Investments.
The signing ceremony took place in the presence of Jamal Itani, CEO of Abdali and Andrew Clout, managing director of SinoGulf Investments.
Itani said: "This agreement brings the total UAE investments in the Abdali project to more than $1 billion".
Chescor Capital, an international investment banking group that specialises in the Middle East and Indian subcontinent, is acting as the exclusive adviser to the transaction.
The project's overall cost amounts to about $300 million with plans to turn the site into a smart urban mixed-use destination with state-of-the-art residential, commercial and retail spaces, covering a total built up area of 121,210 square metres. The land parcel stands next to the capital's landmarks: the Palace of Justice, Parliament, King Abdullah Mosque and the prestigious residential Abdali towers.
Established in the UAE in 2003, SinoGulf has assets in excess of $600 million.