Abu Dhabi's Aabar Investment has signed a deal to buy land in the emirate worth Dh2.7 billion ($735.3 million) to build a hotel, residential and commercial projects.

Aabar said in a statement the deal was signed with Green Emirates Properties, which is 40 per cent owned by First Gulf Bank, according to Green Emirates website.

The 14 plots are in several projects including Al Raha Beach which is being developed by Aldar Properties, Rawdhat Abu Dhabi developed by Reem Developers and Saraya project developed by Sorouh Real Estate, it said in a statement.

Aldar, Sorouh and Reem Investments each have a 20 per cent shareholding in the Green Emirates.-Reuters