Abu Dhabi: Abu Dhabi government-owned Mubadala Development Company said yesterday its unit Mubadala Real Estate and Hospitality (MREH) has entered into a joint venture with Gulf Related, a regional real estate development company to develop, lease, and operate ‘The Galleria at Sowwah Square', a signature retail and dining concept in Sowwah Square.
Sowwah Square is a premium commercial real estate development located at the heart of Abu Dhabi's new Central Business District (CBD) on Sowwah Island.
Sowwah Island is a world-class 114 hectare mixed-use development in the heart of Abu Dhabi. Mubadala didn't disclose any financing details.
"Scheduled to open in late 2012, ‘The Galleria at Sowwah Square' will be a vibrant new shopping and dining destination with a full range of luxury to mid-market international retail offerings and internationally branded food and beverage outlets.
"This scheme has already generated significant interest from the international retail and restaurant communities," Mubadala said.
It didn't disclose any financing details.
New concept
"This new dining concept will be good for Abu Dhabi as a whole as it will offer variety and choice.
"It will also be an added attraction for international companies which are looking to set up business on Sowwah Island that offers good quality and prestigious location," Charles Neil, CEO of Landmark Advisory told Gulf News by telephone.
The new joint venture will create a development that will set a benchmark for retail and dining in the region.
‘The Galleria at Sowwah Square' will capitalise on the adjacent five-star Four Seasons Hotel Abu Dhabi at Sowwah Square and Rosewood Abu Dhabi hotels, the region's foremost health care facility, Cleveland Clinic Abu Dhabi, and approximately 183,000 leasable square metres of Grade-A office space with accommodation for over 10,000 occupants.
Top notch
When complete, Sowwah Island will be a thriving, high-density residential, retail, leisure, hotel and commercial district with a working population of 75,000 and home to 30,000 residents.
Blair Hagkull, chairman of Jones Lang LaSalle — Middle East and North Africa told Gulf News that Gulf Related has carved a niche for itself in the region and has established a strong presence in the regional retail market.
"The joint venture with Mubadala [unit] is an opportunity for Gulf Related access new retail concepts and an opportunity for Mubadala to leverage their expertise," Hagkull said.
