Emirates Business 24/7 reported that Taiwan's Farglory Group will develop an estimated USD 1 billion hotel and residential project in Abu Dhabi's new financial district in partnership with the emirate's state fund.

The source said that the project which includes high end residences, office buildings, luxury hotels and shopping malls is slated to break ground in the Q3 of next year with completion due in 2016. The project will form part of the Sowwah Square development which will be the future home of the Abu Dhabi stock exchange and which the emirate is building up as a financial centre, backed by state investment fund Mubadala. They want the project to become the future Manhattan of the Middle East.

Abu Dhabi is investing heavily in sectors such as real estate, industry, tourism and infrastructure to diversify its economy from oil. Work on Sowwah Square began in 2007. Farglory, a major property developer with heavy exposure in the capital Taipei is trying to expand overseas including in China whose trade ties with Taiwan are at their best in almost 60 years.

(Sourced Emirates Business 24/7)