<br/>Provided by 7DAYS.ae<br/><br/>Fledgling real estate firm Capitala yesterday unveiled its $5 billion Arzanah project - the company’s first - at Cityscape Abu Dhabi. The residential development, to be located on a 1.4 million square metre site surrounding the capital’s Zayed Stadium, will include 9,000 homes and a two-kilometre stretch of private beach, as well as sports and retail facilities.<br/>The launch of Arzanah came as investment firm Mubadala, which set up Capitala as a joint venture with Singapore-based developer CapitaLand earlier this year, announced the creation of a new real estate and hospitality division. “Our new division is aimed at making investments that set a new standard by bringing high-quality commercial and residential real estate hospitality and related services to Abu Dhabi and outside,” Mubadala chief operating officer Waleed Al Muhairi said.<br/>“Every project, partnership and joint venture undertaken by Mubadala Real Estate and Hospitality will deliver benchmark projects, be in line with the urban structure framework plan - Plan Abu Dhabi 2030 - and enhance Abu Dhabi’s standing as a global capital city,” he added. Besides Capitala, another of the division’s initiatives is the joint development, together with US casino operator MGM Mirage, of the MGM Grand Abu Dhabi hotel resort at a cost of about $3 billion.<br/>Mubadala yesterday said the non-gaming venue will become a centrepiece of a new entertainment peninsula at Mina Zayed, part of a 154-acre waterfront development. Attendance on the first day of Cityscape Abu Dhabi was up by an estimated 120 per cent on last year.<br/><br/>Read more UAE News on <a href="http://www.7days.ae/showstory.php?id=72549">www.7days.ae</a><br/>
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