Property in Dubai
Al Hilal acquires commercial plot on Sowwah Island
Al Hilal Bank has announced on Sunday that it has purchased a commercial plot on Sowwah Island, the core of new Central Business District in Abu Dhabi.
Recently classified as the emirate’s newest investment zones, the island is master-planned and developed by Mubadala Real Estate and Hospitality, as a part of Urban Planning Council’s ‘Plan Abu Dhabi 2030’.
The commercial plot purchased by Al-Hilal from Mubadala, is 4850 square meters in area, with a new 24-storey office building likely to be developed in the place.
Located adjacent to the prestigious Sowwah Square commercial development and multi-specialty hospital Cleveland Clinic, Abu Dhabi, the development of Al Hilal plot is hoped to begin within a year, with the new premises hoped to be ready for occupation by 2014.
The Chief Operating Officer of Mubadala, Waleed Al Mokarrab said, Al Hilal Bank is a cornerstone of Islamic banking in Abu Dhabi, and that Mubadala is proud to partner with the Bank in the development of Sowwah Island.
Al Hilal joins major organization such as Abu Dhabi Securities Exchange and National Bank of Abu Dhabi, also located on the Island.
“Their commitment demonstrate the fundamental role by Sowwah Island as the heart of the emirate’s new CBD and premium quality of the commercial environment that Mubadala is delivering,” he added.
Posted on 13/7/2009