Mubadala, the investment fund based out of Abu Dhabi, is now in the process of strengthening its ties with the Farglory Group of Taiwan. This investement would involve a US$1 billion luxury residential complex to be located in the soon to be established financial free zone in the emirate.

The development is a the four tower Maryah Plaza that would be built through completed milestones at Al Maryah island. The projeced completion date, according to Mubadala through a statement, is on 2020. The project involves 500 premium residences with easy access to retail areas, hotels and offices.

Just last month, Abu Dhabi had outlined its plans for the establishment of a full-service financial free zone to be located right on Al Maryah island. The zone is scheduled to be unveiled by the last quarter of 2013.

This is the first venture expansion for Farglory into the Middle East and North African region or MENA, according to the Taiwan based firm. For its part, Abu Dhabi is undertaking a development of industry, infrastructure and other markets away from its current oil dependent economy in order to diversity its economic portfolio.