By Martin Morris
Plot in centre of Abu Dhabi’s new central business district will see development of 24-story building.
Mubadala Development Company and Al Hilal Bank on Sunday announced that Al Hilal has bought a commercial plot on Sowwah Island, the core of Abu Dhabi's new 105 hectares Central Business District (CBD).The bank’s 4,850 sq m purchase from Mubadala will see the development of a 24-story building. Development is expected to start within the next 12 months, with the new premises ready for occupation in 2014.
Commenting on the purchase, Mohammed Jamil Berro, CEO of Al Hilal Bank said: "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 regarding the first phase of Sowwah Island's development, including the recent sale of a 6,697 sq m 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.