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Al Sayegh and AlMheiri... lease partnership.

ADGM signs 50-year lease for HQ with Mubadala

ABU DHABI, January 25, 2015

Abu Dhabi Global Market (ADGM), the international financial centre in the UAE capital, has signed a 50-year lease with Mubadala Development, to establish its headquarters at the financial building at Al Maryah Island in Abu Dhabi.

The property, owned by Mubadala subsidiary AlSowah Square Properties, is designed by Goettsch Partners and is Leed Gold design certified and sits at the centre of four international Grade A commercial towers adjacent to Rosewood Abu Dhabi hotel and The Galleria.

The Sowwah Square has been renamed Abu Dhabi Global Market Square and the financial building is now named Abu Dhabi Global Market Building, a statement said.

ADGM will lease the entire building, and their headquarters will house its Financial Services Regulations Bureau, its Registration Bureau and its Courts.

ADGM’s three core entities; its Financial Services Regulations Bureau, its Registration Bureau and its Courts, together will provide a global financial platform with a geographic advantage from which local, regional and international institutions can capitalise on investment flows and commerce travelling between West and East, the statement added.

ADGM will be responsible for establishing a legal jurisdiction, registering entities who will trade in the free zone and regulating all financial services activity on the island in line with international standards.

Ahmed Ali Al Sayegh, chairman of ADGM, said: “ADGM’s headquarters is an iconic building, at the heart of our jurisdiction and will be a landmark for generations to come.  The signing of this lease represents a key milestone in the development of our physical premises that will home our three core entities that will enable ADGM to become a leading financial centre in the heart of our capital city.”

Ali Eid AlMheiri, executive director of Real Estate & Infrastructure at Mubadala, said: “Like New York’s Financial District or The City in London, ADGM will become the very heart of Abu Dhabi’s expanding financial services industry. This represents a major milestone in the progress to make Al Maryah Island a vibrant and compelling destination, not only for financial institutions but also for first class retail, leisure and residential facilities.”  
 
Abu Dhabi Global Market Square is comprised of four office towers with 180,000 sq m total of premium commercial space designed to the highest quality, sustainability and functionality guidelines.

Al Maryah Island is an integrated, 114-hectare mixed-use development, master-planned and being developed and leased by Mubadala Development Company. The island is modelled on the world’s leading mixed-use 24-hour financial districts.

The Galleria features 130 shops and 25 dining options, Rosewood Abu Dhabi, Cleveland Clinic Abu Dhabi, as well as new developments such as Al Maryah Central, the Four Seasons Hotel Abu Dhabi. – TradeArabia News Service




Tags: Mubadala | ADGM | Abu Dhabi Global Market |

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