Mubadala sells 10 plots of land on Al Maryah Island

Abu Dhabi: Mubadala Real Estate and Infrastructure announced on Tuesday that it had already sold 10 land plots on Al Maryah Island, formerly known as Sowwah Island, to a Taiwanese firm Farglory Group, local financial institutions including the National Bank of Abu Dhabi and Al Hilal Bank, which will each build its own commercial tower.

“Al Hilal had already started construction and development works and now they have already completed three levels so far while NBAD are at the final designs stage,” Ali Eid Al Mheiri, executive director of Mubadala Real Estate and Investment told Gulf news.

Al Mheiri added that 2013 that will see the opening of financial, leisure and retail assets that complement the commercial space on the island to accommodate more than 10,000 people.

He added that the expansion will provide a world class regional retail destination to include residential and hotel development in line with the master plan of Abu Dhabi vision for the Al Maryah Island.

He did not elaborate on the value of the plots.

He said that the Al Maryah Island is designated to be the new commercial and central business centre for Abu Dhabi.

“Phase 1 of Al Maryah Island’s has been developed to meet the future commercial and business requirements of the capital,” said Al Mheiri.

“Al Sila, the first tower of Sowwah Square, is at 92 per cent occupancy and Al Maqam, tower three, has an occupancy rate of 82 per cent. Towers 2 and 4, Al Sarab and Al Khatem respectfully, were completed in December 2012 and are already receiving strong market interest,” he said.

With regard to tenants on the island, Al Mheiri said: “More than 67 per cent are foreign tenants, 21 per cent are regional and 12 are UAE citizens.”

He stressed that 2013 will witness the opening of the Rosewood Abu Dhabi, a five-star world class hotel, in May 2013 while The Galleria, a luxury shopping and dining destination, will be delivered in August 2013.