Abu Dhabi’s state-run Mubadala fund sets up venture with Prudential to invest in real estate

Abu Dhabi fund, Prudential team up on real estate

DUBAI, United Arab Emirates — An Abu Dhabi state investment company is teaming up with Prudential Financial to invest in real estate in the Emirati capital and abroad.

The government’s Mubadala Development Company said on Wednesday that it is launching the joint venture with the U.S. financial giant’s property division known as Prudential Real Estate Investors in the United States. The venture will be based in Abu Dhabi.

Its initial focus will be to fund real estate projects in the oil-rich capital, but it plans to branch out to other property investments around the world.

Financial terms of the deal were not disclosed.

Mubadala is one of several funds Abu Dhabi uses to invest its oil wealth. It is chaired by the emirate’s influential crown prince.