Masdar City in Abu Dhabi has announced plans to grow its business free zone tenant list nearly four-fold by 2020 as it looks to increase ties with Abu Dhabi’s private sector.
As part of its expansion plan, Masdar City aims to expand the net leasable area available within the free zone by around a third every year over the next four years.
Ahmed Baghoum, director of Masdar Free Zone, said: “Masdar City’s transparent and business friendly regulations, strategic location next to Abu Dhabi International Airport, and unique positioning as an ‘innovation ecosystem’ providing access to education, R&D, clean technology and human capital are an attractive proposition to both public and private sector organisations looking to set up in Abu Dhabi and the region.
“Masdar City is today a livable city supported by its own mixed-use community, an additional incentive for businesses entering or expanding their presence in the Middle East & North Africa.”
Around 35 percent of Masdar City’s planned built-up area will be completed within the next five years, and all existing buildings and those under construction are fully leased. New office real estate in the pipeline will address the market demand for space, he added.
Offering 16,634 sq m of gross floor area, a six-floor multi-tenant office block will be delivered by the end of next year within the existing first phase of the development by UAE-based Tristar Real Estate.
The Accelerator 1 building, being built by Masdar as part of the dedicated R&D cluster planned for phase two, is due for completion by the second quarter of 2017.
New tenants will join multinationals such as Siemens, General Electric, Lockheed Martin and Mitsubishi Heavy Industries, as well as SMEs and startup enterprises.
Masdar City’s Free Zone benefits include 100 percent foreign ownership, exemption from corporate and personal income taxes, and zero percent import tariffs.
The Free Zone also offers a ‘One-Stop Shop’ service to streamline handling administrative tasks such as government registrations and visa processing.
Masdar City’s Free Zone and Investment Zone will be showcased at Cityscape Abu Dhabi from April 12-14.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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