Thursday, May 15, 2008

Mubadala to launch multi-billion business hub at Sowwah Island

Mubadala Development Company, the Abu Dhabi Investment Group, announced the launch of a new multi-billion dirham real estate development at the Sowwah Island in Abu Dhabi.

The project, named Sowwah Square, truly reflects the target that has been designated to Sowwah as the central business district of the city, as per the strategic urban plan of Abu Dhabi. It will host the new headquarters of Abu Dhabi Securities Exchange (ADX) and major Banking and Financial Institutions.

Developed through a joint venture between John Buck International (JBI) and Mubadala, the Sowwah Square comprises a total building area of 585,000 square meters, and houses the ADX headquarters at its center.

Offering advanced infrastructure, surrounded by four Grade A commercial towers with 30 to 36 storeys, ADX will occupy the new premises on lease basis, and offers hotel, office and retail amenities. Out of a total of 585,000 square meters of the development, about 285,000 square meters comprises office space.

This is the second mega realty project of Mubadala in Abu Dhabi within a month, after the joint-venture with Singapore's Capital last month, which reflects the growing interest the company has in investing in the promising realty sector of the capital.

The Chief Finance Officer of Mubadala, Carlos Obeid, says "What has been achieved in Abu Dhabi during the past couple of years is nothing compared to the growth expected during the next few years, and we are capitalizing on the growing demand for real estate in this context."

No comments: