A new AED1bn (US$272m) retail, residential and hotel development launched on Abu Dhabi’s Al Maryah Island is forecast to be completed in early 2017, it was announced on Sunday.
Sowwah Central will be a mixed use development featuring a 214,000 sqm shopping centre and adjoining hotel and residential towers on Al Maryah Island, Abu Dhabi.
The project is set to open in spring 2017 and will be connected to 51,000 sqm shopping and dining project The Galleria at Sowwah Square, both of which are being developed by UAE-based Gulf Related.
The Galleria, which will feature brands such as Louis Vuitton, Cartier, Prada, Gucci and Bulgari when it opens in August 2013, today announced the addition of 48 more fashion brands to its portfolio, including Dior, Fendi, Burberry, Ralph Lauren, Tag Heuer, Jimmy Choo and Diane von Furstenberg.
Its 25 food and beverage outlets will also include an Armani Caffé and licenced waterfront restaurants and cafes. Sowwah Central will be anchored by two international department stores, with both Gulf Related Al Maryah retail projects containing a combined total of over 500 retail, leisure, dining and entertainment options.
Gulf Related has worked on a number of high profile American projects, including the Time Warner Center in New York, CityPlace in West Palm Beach and Manhattan’s Hudson Yards, the largest private development in the USA.
Sowwah Central and The Galleria will be part of the first phase of a larger 1.5m sqm masterplan being developed by Mubadala Real Estate & Infrastructure (MREI) and which will also include four commercial towers, Abu Dhabi Securities Exchange (ADX), Rosewood Hotel and Four Seasons Hotel, the Cleveland Clinic Abu Dhabi and 15,000 parking spaces.
Gulf Related is a partnership between asset management firm Gulf Capital and Related Companies, one of the US’s largest private real estate development and investment firms.
Earlier this month, Abu Dhabi announced it was planning to spend AED330bn (US$89.9bn) on large scale infrastructure and housing projects.
At the same time, real estate agents Jones Lang LaSalle forecast that all four major real estate sectors in the UAE capital are set to see growth in 2013.