MGM chairman and chief executive Terry Lanni says the expectation is that the partnership will utilize one or more of MGM's brands and that MGM will provide management and development services. Mubadala CEO Khaldoon Al Mubarak says the hospitality sector "is an important evolution in our portfolio of strategic interests."

Established in October 2002 as a Public Joint Stock Company, Mubadala Development Company is a wholly owned investment vehicle of the Government of the Emirate of Abu Dhabi, which is part of United Arab Emirates. Mubadala invests in a wide range of strategic sectors including energy, utilities, real estate, public-private partnerships, basic industries and services.

In November, Mubadala formed a partnership with General Electric for the development of an executive learning center in Abu Dhabi focused on providing advanced management and business leadership programs to professionals in the UAE and the Gulf Cooperation Council.