Business | Property
Al Hilal buys commercial property
Al Hilal Bank announced on Sunday that it has purchased a commercial plot on Sowwah Island, the core of Abu Dhabi's new central business district (CBD).
- Staff Report
- Published: 23:02 July 12, 2009
Abu Dhabi: Al Hilal Bank announced on Sunday that it has purchased a commercial plot on Sowwah Island, the core of Abu Dhabi's new central business district (CBD).
Recently classified as one of the emirate's newest investment zones, the island is being master planned and developed by Mubadala Real Estate and Hospitality as part of the Urban Planning Council's Plan Abu Dhabi 2030.
Al Hilal purchased a 4,850-square-metre commercial plot from Mubadala and will be developing a new office building of 24 storeys.
The plot is located adjacent to the prestigious Sowwah Square commercial development and multi-specialty hospital Cleveland Clinic Abu Dhabi.
Development of the Al Hilal plot is expected to commence within the next 12 months and the new premises will be ready for occupation in 2014.
Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala, commented, "Al Hilal Bank is a cornerstone of Islamic banking in Abu Dhabi and we are proud to have them as a partner in the development of Sowwah Island.
"Al Hilal joins major organisations such as National Bank of Abu Dhabi and the Abu Dhabi Securities Exchange who will also be located on the Island.
"Their commitment demonstrates Sowwah Island's fundamental role as the heart of the emirate's new CBD, and the premium quality of the commercial environment that Mubadala is delivering."
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