Masdar City in Abu Dhabi, a leading sustainable urban development, aims at growing its tenant base nearly four-fold by 2020 and to expand the net leasable area available within its business free zone and investment zone by about 32 per cent every year over the next four years.

 

The development is also increasingly associated with is widely associated with Abu Dhabi's emerging private sector and diversifying economy, said a statement.

 

Ahmed Baghoum, director of Masdar Free Zone, said: “Masdar City’s transparent and business friendly regulations, strategic location next to Abu Dhabi International Airport, and unique positioning as an ‘innovation ecosystem’ providing access to education, R&D, clean technology and human capital are an attractive proposition to both public and private sector organisations looking to set up in Abu Dhabi and the region.

 

“Masdar City is today a livable city supported by its own mixed-use community, an additional incentive for businesses entering or expanding their presence in the Middle East & North Africa.”

 

About 35 per cent of Masdar City’s planned built-up area will be completed within the next five years, and all existing buildings and those under construction are fully leased. 

 

New office real estate in the pipeline will address the market demand for space.

 

Offering 16,634 sq m of gross floor area (GFA), a six-floor multi-tenant office block will be delivered by the end of next year within the existing first phase of the development by UAE-based Tristar Real Estate.

 

The Accelerator 1 building, being built by Masdar as part of the dedicated R&D cluster planned for phase two, is due for completion by the second quarter of 2017.

 

With nearly 5,000 sqm of GFA, the Accelerator 1 will offer comprehensive ICT infrastructure and ‘smart office’ connectivity, plus the Free Zone’s administrative support in setting up a new business swiftly and efficiently.

 

It will also achieve a ‘3 Pearl’ rating under the Abu Dhabi Planning Council’s green building standards framework, Estidama, and realise 85 per cent space efficiency.

 

New tenants will join multinationals such as Siemens, General Electric, Lockheed Martin and Mitsubishi Heavy Industries, as well as SMEs and startup enterprises.

 

Masdar City also hosts the International Renewable Energy Agency (Irena), the first international government organisation to have its headquarters in the Middle East.

 

Masdar City’s Free Zone benefits include 100 per cent foreign ownership, exemption from corporate and personal income taxes, and zero per cent import tariffs, as well as access to R&D partnerships through Masdar Institute and the demonstration projects active across the City.

 

The Free Zone also offers a ‘One-Stop Shop’ service to streamline handling administrative tasks such as government registrations and visa processing.

 

Besides leasing ready-made offices, tenants can develop their own commercial and residential projects through the Investment Zone, or more bespoke developments showcasing a particularly high standard of environmental performance, on a long-term lease.

 

“As both a Free Zone and Investment Zone, Masdar City offers both flexibility and scalability to prospective tenants and investors, catering to micro businesses and large-scale corporations alike,” said Baghoum.

 

“This competitive mix reflects the needs of the market and supports Abu Dhabi’s ongoing efforts to promote economic diversification,” he added.

 

The Masdar City’s Free Zone and Investment Zone will be showcased at Cityscape Abu Dhabi, the real estate exhibition and conference taking place from April 12 to 14. - TradeArabia News Service