Al Hilal acquires commercial plot on Sowwah Island
Al Hilal Bank has announced that it has purchased a commercial plot on Sowwah Island, the core of new Central Business District in Abu Dhabi
Al Hilal Bank has announced 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.
