Pramerica Real Estate Investors and Mubadala Development Company have agreed to form a new joint venture company that will raise capital from investors to invest in real estate projects in Abu Dhabi and other global markets.

Pramerica Real Estate Investors and Mubadala Development Company have agreed to form a new joint venture company that will raise capital from investors to invest in real estate projects in Abu Dhabi and other global markets.

By sponsoring funds that will invest in the region and worldwide, the new company, Mubadala Pramerica Real Estate Investors, will offer investors around the world access to the Middle East North Africa region, while providing investors in the Middle East access to Pramerica Real Estate Investors’ global investment platform.

'This partnership expands our commitment to this region,' said Allen Smith, Pramerica's CEO. 'We’re delighted to be partnering with Mubadala on this venture, which combines our global presence and investor relationships with Mubadala's reputation and regional expertise, to give our clients an opportunity to invest in a dynamic, growing economy.'

Waleed al Muhairi, chief operating officer for Mubadala, said: 'By partnering with Pramerica, we're bringing together one of the world’s leading real estate investment companies with our regional market expertise and knowledge. This is a compelling prospect for investors who want to participate in the current and future growth of the region.'

The company initially plans to create investment opportunities to fund real estate projects in Abu Dhabi. In time, the company will offer products across the entire spectrum of real estate categories, serving institutional investors in the US, Europe, Asia and the Middle East, and develop products tailored for family office and high net worth investors from the region.

In addition to offering investors around the world access to the Middle East North Africa region, the venture will also give investors in the Middle East access to Pramerica’s global strategies and products investing outside of the region. Closing is conditional upon receiving the required antitrust approvals and regulatory authorizations related to asset management activities.

Pramerica is the real estate investment and advisory business of Prudential Financial, Inc. which is headquartered in the US.