#PROJECT: AL MARYAH ISLAND

[gevorika78]

Sowwah Square to lease remaining towers by year-end

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By Elizabeth Broomhall

Sunday, 28 August 2011 12:28 PM

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The planned financial hub will include four towers of office space, a retail centre and the new Abu Dhabi Securities Exchange

The planned financial hub will include four towers of office space, a retail centre and the new Abu Dhabi Securities Exchange

Sowwah Square, the heart of Abu Dhabi’s planned business district, Sowwah Island, will release its remaining two office towers to lease by the end of the year, the developer behind the project has said.

The planned financial hub, billed as the emirate’s answer to London’s Canary Wharf, will play host to four office towers with 183,000 sq m of leasable space, overlooking prime retail space and the newly-built Abu Dhabi Securities Exchange.

Around 40 percent of the development has already been leased, said the executive director of developer Mubadala Real Estate and Hospitality, Peter Wilding.

“Tower one [Al Sila] and tower four [Al Khatem] have had great success in the pre-lease market. These two towers are substantially leased. Overall, we’ve leased around 40 percent of the entire development,” he told Arabian Business.

Tenants include such top-end British law firms as Clifford Chance and Norton Rose Group, alongside financial firms JP Morgan, Gulf Capital, and Dunia Finance.

“At the launch of Sowwah, which is planned for the end of the year, we will release towers two [Al Sarab] and three [Al Maqam] onto the leasing market,” Wilding said.

The launch date for development, located off the coast of Abu Dhabi island, was initially scheduled for the close of 2010, but was pushed back by a year due to construction delays.

Sowwah Square’s 33,000 sq m retail centre is now expected to complete within two years, while the project’s Rosewood Hotel is slated to launch next August, Wilding said.

“The new CBD [central business district] is coming to life and taking shape,” he said. “For the Rosewood, we’ll have substantial completion for the construction by April next year and we have the opening of the hotel in August.”

The construction contract for the project’s Four Seasons hotel – the first in the UAE – is currently out to tender and is expected to be awarded in the next few months.

A Jones Lang LaSalle report this week said office rents across the Gulf were likely to slide in the third quarter as foreign companies showed more caution in the wake of the Arab Spring unrest.

The consultancy warned that office rents in Abu Dhabi would also see downward pressure as a surge of commercial properties come online, though market speculation has also suggested the emirate may benefit from the fallout of foreign firms fleeing Bahrain.

But Wilding said the project did not see itself as rivaling established financial hubs such as Dubai’s tax-free business park DIFC or Bahrain’s Financial Harbour.

“This is not in direct competition with DIFC or Bahrain. I think we’re complementing what they are doing by creating a place within Abu Dhabi, a true central business district,” he said.

“What we are saying is that we are creating a new world-class place of business equal to what London did many years ago with the establishment of Canary Wharf.”


http://www.arabianbusiness.com/sowwa...nd-417642.html

[boschb]

That looks beautiful. Hope to the rest of the island take shape soon

[bizzybonita]

The Galleria (Mall)

The Galleria at Sowwah Square is a 33,000 sqm retail and dining destination, scheduled for completion in late 2012. Under development by Mubadala and Gulf Related, one of the world's pre-eminent retail developers, it will be a vibrant shopping and fine dining destination featuring a full range of luxury and mid-market international offerings, including internationally branded food and beverage outlets.
Designed to become Abu Dhabi's premium shopping and dining destination
Sculptural atrium roof will provide the iconic core of the design with spectacular views over Abu Dhabi's skyline
Directly accessible to a 5.4km pedestrian promenade
Range of convenient and easily accessible car-parking options
Integrates shopping, dining, hotels, parking, cafés and public spaces

Source
http://www.sowwahsquare.ae/en/sowwah.../the-galleria/

[cmajewsk]

Some photos I took today...enjoy!

[Parisian Girl]

Rory Jones | Jan 30, 2012



One of Abu Dhabi's flagship healthcare projects, a hospital, is set to open in the fourth quarter of next year as the emirate reignites investment in infrastructure and jobs.

Mubadala Healthcare, a unit of Mubadala Development, yesterday announced Cleveland Clinic Abu Dhabi, a facility being built on Sowwah Island, will open its doors to patients in the fourth quarter of next year.

http://www.thenational.ae/deployedfi...bu-Dhabi23.jpg

[bizzybonita]

Thanks for sharing pixx AD Specialist ...

[isicman]

Started about a month ago, Al Hilal Bank tower, just in front of Cleveland Clinic.



Earthworks currently ongoing.

[uklad1979]

This area has some great buildings and some nice density. Once it's complete and every business moves in it will be buzzing. The only problem I can see is traffic/public transport of the thousands of people getting on and off this small island. Is the Meridien Hotel still slated to be demolished to build a new bridge over?

[cmajewsk]

Originally Posted by uklad1979

This area has some great buildings and some nice density. Once it's complete and every business moves in it will be buzzing. The only problem I can see is traffic/public transport of the thousands of people getting on and off this small island. Is the Meridien Hotel still slated to be demolished to build a new bridge over?

It will be buzzing but that is ways off. Services are severely lacking and will be for some time to come. The galleria is not opening for another two years so that puts a damper on those already occupying the new towers (and yes there are tenants), to get lunch, dinner, and run errands, etc. There are supposed to be 13 access points to the island, but again who knows when those will be finished. In regards to your question about the Meridian hotel, yes that was the initial speculation – that it would be demolished, and if you look at the picture below that was taken in late November 2011, you can see the start of a land bridge crossing (possibly for bridge construction support?) to the south of the Rosewood Hotel starting at the Meridian. However, I heard this was not going to result the demolishing of the Meridian hotel. Although with a traffic roundabout right out front of the hotel connecting multiple streets (like Elektra), I don’t see how they could build a crossing there and not have to demolish it. It’s Abu Dhabi so anything is possible.

[uklad1979]

I did hear that it will go and the owner is being compensated and a tower hotel will be built on the land he is left with using the money. The hotel has some great bars and restaurants which I can't see being as atmospheric in a big tower.

[isicman]

progress of earthworks at Hilal Bank

[isicman]

Some more progress in earthworks, it looks like they reached final level

[Adam2707]

[Parisian Girl]

They have renamed Al Sowwah Island to Al Maryah Island.



Abu Dhabi renames island to host financial district

By Claire Valdini | Friday, 20 April 2012 4:23 PM

Abu Dhabi’s Sowwah Island, home to the capital city’s new financial district, has been renamed Al Maryah Island, authorities in Abu Dhabi have said.

http://www.arabianbusiness.com/abu-d...ct-454695.html

[Alrayyan]

When on earth are they planning on opening bridges between reem island and maryah island !!!!! students and residents in the island need more options than the bridge leading to defense street. The delay on Salam tunnel is making everything chaotic.

[uklad1979]

Originally Posted by Parisian Girl

They have renamed Al Sowwah Island to Al Maryah Island.



Abu Dhabi renames island to host financial district


http://www.arabianbusiness.com/abu-d...ct-454695.html

What a totally pointless change.

[cmajewsk]

Originally Posted by uklad1979

What a totally pointless change.

I heard the stationary and business card lobby was pushing heavily for this change.

I like the name Sowwah better…

[Compasamario]

Ohh it´s awesome project. I invite yoou to known Santa Marta, Colombia, has a astronomical projection, just need invertion

[Parisian Girl]

Rory Jones | Apr 24, 2012


Work and clean-up on Sowwah Square and the surrounding construction sites continues at a steady pace at Al Maryah Island. Silvia Razgova / The National

Sowwah Square, Abu Dhabi's highly anticipated financial hub, is open for business, with the first set of tenants installed in its signature towers.

The new district is the financial heart of Al Maryah Island, the 3.5 million square metre commercial and residential project being built and modelled on international central business districts such as Canary Wharf in London and La Défense in Paris.

http://www.thenational.ae/thenationa...-financial-hub

[neilroberts01]

I understand the Al Hilal tower is a pure investment for Al Hilal, they do not plan occupancy.

Cleveland Clinic have also agreed to take 7 floors of one of the ADFC towers along side their new campus. Occupancy in 2013.