Mubadala Real Estate & Hospitality today announced that Sowwah Island has been classified as an Investment Zone by Abu Dhabi’s Executive Council. Sowwah Island is the core of Abu Dhabi’s new Central Business District as designated by the Urban Planning Council in its visionary Plan Abu Dhabi 2030.
Sowwah Island’s Investment Zone status enables UAE and GCC Nationals to purchase freehold land on the Island and for other international investors to obtain long term musataha rights over land and long term leases over individual units and floors in buildings within the zone.
John Thomas, Executive Director of Mubadala Real Estate & Hospitality, comments on the Executive Council’s landmark decision, “Sowwah Island’s Investment Zone status represents a historic and rare opportunity for local and international institutions and private investors to acquire a stake in Abu Dhabi’s strategic new commercial heart. This classification, together with Sowwah Island’s unique combination of premium commercial, residential and hotel accommodation and triple-A tenants, brings this key city district ever closer to realizing the Urban Planning Council’s vision for Sowwah Island as the vibrant cosmopolitan heart of the Capital.”
Mubadala Real Estate & Hospitality is responsible for the development of the 105-hectare Sowwah Island, which is strategically located at the junction of Abu Dhabi, Mina Zayed, Al Reem and Saadiyat Islands. Among the Island’s first developments is the 450,000 square metre Grade ‘A’ commercial development, Sowwah Square and Abu Dhabi Securities Exchange headquarters, luxury hotel Rosewood Abu Dhabi, and world class multi-specialty hospital, Cleveland Clinic Abu Dhabi. Sowwah Island will also 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.
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