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NBAD Purchases Commercial Plot In Sowwah Island

Mubadala Development Company (Mubadala) and National Bank of Abu Dhabi (NBAD) today announced that NBAD has purchased a commercial plot on Sowwah Island, the core of Abu Dhabi’s new Central Business District as designated by the Urban Planning Council in its visionary Plan Abu Dhabi 2030.

NBAD has agreed to purchase a 6,697 square meter commercial plot from Mubadala and confirmed its intention to develop a new office building of approximately 35 storeys, providing 67,300 square meters of gross floor area. Development of the NBAD plot is expected to commence next year with the new premises ready for occupation in 2013. The plot is located behind the prestigious Sowwah Square commercial development, which will feature the new headquarters of the Abu Dhabi Securities Exchange surrounded by four high-rise office towers, retail, two luxury business hotels and exclusive parking.

Sowwah Island has recently been classified as an Investment Zone by Abu Dhabi’s Executive Council, enabling 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.
“We are delighted to have the National Bank of Abu Dhabi - one of the pillars of the Abu Dhabi business community - as a key partner in the development of Sowwah Island,” said Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala. “NBAD will join the Abu Dhabi Securities Exchange and other leading institutions in making Sowwah Island their new corporate address. Their investment recognizes Sowwah Island’s vital role as the heart of Abu Dhabi’s new Central Business District and our commitment to creating a premium quality commercial environment for the capital,” he added.

“Since its inception in 1968, NBAD has been playing significant and leading roles in the economic and social development of the UAE as well as fulfilling our customers’ requirements,’ said Abdulla Mohammed Saleh Abdul Raheem, NBAD’s Senior General Manager and Group Chief Operating Officer. “We are proud to be taking this leading role in the evolution of Sowwah Island into Abu Dhabi’s new Central Business District. The combination of premium business, retail and leisure facilities on Sowwah Island, coupled with Mubadala’s clear focus on infrastructure, logistics and transport means that we are confident our staff and customers alike will welcome this move. We look forward to sharing the details of our planning proposals as these are developed.”

Mubadala Real Estate & Hospitality is responsible for the development of the 105-hectare island, which is strategically located at the junction of Abu Dhabi, Mina Zayed, Al Reem and Saadiyat Islands. Among the first developments on the Island is the 450,000 square metre Grade ‘A’ commercial development, Sowwah Square, 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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