Mubadala signs JV for industrial properties across the US

Mubadala’s $243.4 billion portfolio spans six continents. (Supplied)
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Updated 01 September 2021
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Mubadala signs JV for industrial properties across the US

  • US real estate developer Crow Holdings to build or acquire $1 billion of industrial properties across the US

DALLAS: Abu Dhabi sovereign wealth fund Mubadala has created a joint venture with US real estate developer Crow Holdings to build or acquire $1 billion of industrial properties across the US.

Crow Holdings has been around for 70 years and manages $21 billion of assets through 17 offices across the US

“We look forward to partnering with this leading global investor as it seeks to increase its exposure to the industrial sector and capitalize on the secular growth in logistics demand,” Michael Levy, CEO of Crow Holdings, said in a statement.

“We continue to accelerate our market-leading presence in the industrial space by developing or acquiring state-of-the-art properties across a range of strategies from merchant-build to long-term build-to-core portfolio construction,” he said.

Mubadala’s other recent deals in the US includes a $250 million investment in biosimulation company Certara in July.


Closing Bell: Saudi main index closes in green at 11,382 

Updated 6 sec ago
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Closing Bell: Saudi main index closes in green at 11,382 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 111.21 points, or 0.99 percent, to close at 11,381.83. 

The total trading turnover of the benchmark index was SR6.37 billion ($1.70 billion), as 204 of the listed stocks advanced, while 56 retreated. 

The MSCI Tadawul Index also rose, adding 13.85 points, or 0.91 percent, to close at 1,533.33. 

The Kingdom’s parallel market Nomu gained 8.39 points, or 0.04 percent, to close at 23,749.38. This came as 30 of the listed stocks advanced, while 45 retreated. 

The best-performing stock was East Pipes Integrated Co. for Industry, with its share price surging 9.94 percent to SR146. 

Other top performers included Tourism Enterprise Co., which saw its share price rise by 9.93 percent to SR14.17, and Thob Al Aseel Co., which saw a 7.84 percent increase to SR3.99. 

On the downside, Saudi Arabian Mining Co. was among the weaker performers, with its share price falling 2.64 percent to SR77.40. 

Saudi Paper Manufacturing Co. saw its shares fall 2.54 percent to SR57.50, while Yamama Cement Co. declined 2.07 percent to SR27.40. 

On the announcements front, Future Vision for Health Training Co. signed a two-year cooperation agreement with King Saud University aimed at strengthening links between academia and professional readiness. 

According to a Tadawul statement, the partnership focuses on the joint development and execution of specialized training programs for university students, aiming to enhance their practical skills and employability. 

The initiative includes coordinated efforts in training design, academic supervision, and program evaluation, with the goal of better preparing graduates for the labor market. 

The agreement, which is renewable by mutual consent, is expected to start generating a positive financial impact in the second half of 2026. The company said no related parties are involved in the deal. 

The company’s share price closed at SR7.30 on Nomu, marking a 1.39 percent decrease.