Al Hilal Bank purchases commercial plot on Sowwah Island
Press Release Content
Mubadala Development Company (Mubadala) and Al Hilal Bank (Al Hilal) today announced that Al Hilal has purchased a commercial plot on Sowwah Island, the core of Abu Dhabi’s new Central Business District (CBD).
Recently classified as one of the Emirate’s newest investment zones, the Island is being master planned and developed by Mubadala Real Estate & Hospitality as part of the Urban Planning Council’s Plan Abu Dhabi 2030.
Al Hilal purchased a 4,850 sqm commercial plot from Mubadala and will be developing a new office building of approximately 24 stories. The plot is located adjacent to the prestigious Sowwah Square commercial development and multi-specialty hospital Cleveland Clinic Abu Dhabi. Development of the Al Hilal plot is expected to commence within the next 12 months, with the new premises ready for occupation in 2014.
Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala commented, “Al Hilal Bank is a cornerstone of Islamic banking in Abu Dhabi and we are proud to have them as a partner in the development of Sowwah Island.”
He continued, “Al Hilal joins major organizations such as National Bank of Abu Dhabi and the Abu Dhabi Securities Exchange who will also be located on the Island. Their commitment demonstrates Sowwah Island’s fundamental role as the heart of the Emirate’s new CBD, and the premium quality of the commercial environment that Mubadala is delivering."
Mohamed Jamil Berro, Chief Executive Officer of Al Hilal Bank added, “Sowwah Island will play a vital role in the long-term commercial development of Abu Dhabi and we are excited to be a part of its transformation into the core of the new Central Business District. Mubadala’s strong commitment to the Island’s infrastructure, utilities and telecommunications and the presence of premium grade commercial and hotel developments make this investment a natural fit for Al Hilal.”
Al Hilal’s purchase follows a series of announcements made about the first phase of Sowwah Island’s development, including the recent sale of a 6,697 square meter commercial plot to National Bank of Abu Dhabi and management agreements with Rosewood Hotels & Resorts and Viceroy Hotels, Resorts & Residences for two five-star hotels near Sowwah Square.
Sowwah Island was also classified as an investment zone by Abu Dhabi’s Executive Council in April 2009, enabling national and international investors to purchase and own individual units and floors in buildings on the Island, UAE and GCC Nationals to purchase freehold land on the Island and all other international investors to obtain long-term musataha rights and usufruct rights over land on the Island.
Spanning 105 hectares and strategically located at the junction of Abu Dhabi, Mina Zayed, Al Reem and Saadiyat Islands, Sowwah Island will feature an integrated and multi-layered transport network to ensure efficient, convenient access from all areas of Abu Dhabi, including 13 new bridges and a mass transit system with both light and heavy rail. Infrastructure development is already underway, along with the Grade ‘A’ commercial development Sowwah Square, and world-class hospital Cleveland Clinic Abu Dhabi.
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