Annual Report 2010
Real Estate & Hospitality
Key projects being undertaken by Mubadala Real Estate & Hospitality include Arzanah, a 1.4 million m² residential and mixed-use community development; Sowwah Island, the heart of Abu Dhabi’s visionary new Central Business District; and the Mina Zayed Waterfront, a mixed-use leisure and entertainment district.
At Sowwah Island, two bridges were completed in 2010, enabling access from neighboring Abu Dhabi Island and Reem Island.
Sowwah Square is the central development in the island’s business environment, made up of four investment grade towers and the distinctive new headquarters of the Abu Dhabi Securities Exchange (ADX).
Construction progress is on track, with the first two towers scheduled for handover in the second quarter of 2011, followed by the remaining two towers and the ADX headquarters in the second half of the year.
Landmark projects such as Sowwah Island are attracting some of the world’s leading hotel and leisure operators, as well as blue-chip local developers and tenants.
The first foreign investment in Sowwah Island was concluded with the Farglory Group, Taiwan’s leading real estate and construction company, undertaking to develop luxury waterfront towers, known as The Galleria at Sowwah Square, across four sites totaling about 17,000 m².
The first tower of Sowwah Square, comprising 40,400 m², was pre-leased by more than 13 international and regional firms. New tenant agreements secured in 2010 include Clifford Chance, Latham & Watkins, White & Case, Herbert Smith, and Baker Botts.
During 2010, Four Seasons Hotels and Resorts announced their partnership in the development of Four Seasons Hotel Abu Dhabi at Sowwah Island, marking the prestigious hotel group’s UAE debut. This hotel joins Rosewood Abu Dhabi, also on Sowwah Island, which is progressing on schedule to be completed in early 2013.
17,000m²
The first foreign investment in Sowwah Island was concluded with the Farglory Group undertaking to develop luxury waterfront towers, known as The Galleria at Sowwah Square, across four sites totaling approximately 17,000 m².
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