Abu Dubai's Mubadala Development Company and Capitaland, southeast Asia's largest real estate developer, said on Monday they had set up a $300 million joint venture to develop property projects.

The new venture, which will focus on developing projects in the United Arab Emirates capital, Abu Dhabi, will begin with a Dh4 billion ($1.09 billion) mixed-use project in Abu Dhabi, Mubadala Chief Financial Officer Carlos Obeid said.-Reuters