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Sun 19 Dec 2010 01:43 PM

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ADCB starts construction of $122.5m Abu Dhabi project

AD-1 building set to be one of the largest single development projects Capital Centre District

ADCB starts construction of $122.5m Abu Dhabi project
CAPITAL DEVELOPMENT: ADCB has begun construction on the 2nd phase of the $122.5m Abu Dhabi One building in the Capital Centre district (Supplied Image)

Abu Dhabi Commercial Bank, the UAE’s third-largest lender by assets, has begun construction on the second phase of the $122.5m Abu Dhabi One (AD-1) building in the capital.

The project is one of two residential buildings in the emirate’s eight million sq m Capital Centre District, which includes 23 towers and a mix of commercial and residential real estate.

The building will feature metro, tram and waterway links, in line with Abu Dhabi’s 2030 vision, the bank said in an emailed statement.

 “The Abu Dhabi 2030 vision is something that ADCB fervently supports, and we see our investment in AD1 as an initiative towards helping achieve this vision,” said Abdullah Khalifa Al Suwaidi, head of Government Relations.

Abu Dhabi Commercial Bank is the UAE’s third largest bank with total assets worth $40bn. In October, the lender completed its acquisition of RBS’ UAE retail business, making it one of the UAE’s largest three credit card lenders.

 

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