Mubadala to turn Abu Dhabi island into business zone

Mubadala Development Company, an Abu Dhabi investment arm which manages over $10 billion in assets, said on Sunday it will develop an offshore island into a new business district that would house the stock exchange.

Suwa Island, off Abu Dhabi's coast, will be developed by John Buck International, a joint venture Mubadala set up in March with Chicago-based real estate firm The John Buck Company.