Mubadala Investment Company’s real estate and infrastructure arm and Abu Dhabi National Oil Company (Adnoc) have signed a new long-term lease for 8,194 sq m in Sarab Tower, one of four towers located at Al Maryah Island’s Abu Dhabi Global Market Square (ADGM Square).
ADGM Square totals 182,000 sq m of leasable space and is approximately 70 per cent occupied. It boasts over 120 international and regional companies, including Citibank, Siemens, UniCredit, BNP Paribas, Deloitte, Price Waterhouse-Coopers, General Electric, Accenture, State Street, Aberdeen Standard, Mercer, Mirabaud, Cleveland Clinic Abu Dhabi and INSEAD.
This latest move by Adnoc follows the establishment of its new trading arms, Adnoc Global Trading and Adnoc Trading, both of which are incorporated in ADGM. In 2019, ADGM also became the home of Hub71, Abu Dhabi’s global tech ecosystem that brings global tech ecosystem startups, investors and global companies together under one roof.
Office space absorption at ADGM Square defied market trends in 2019, as Mubadala Real Estate & Infrastructure (MREI) signed 30,000 sq m of new office space in an otherwise soft market, a testament to the appeal of ADGM for tenants who demand free zone access, ease of business set-up, and world-class, green-certified infrastructure.
ADGM Square also features micro-offices which were launched in 2018 and are popular amongst small-to-medium-enterprises and startups with lower staff numbers. Micro-offices are self-contained, fully fit out and furnished offices ranging from 55 to 120 sq m in size. Given high demand, MREI will deliver a second phase of micro-offices during the second quarter of 2020 and is currently preleasing to interested companies.
ADGM Square’s recent success is part of a larger success story on Al Maryah Island (AMI), a live-work-play luxury destination strategically located between Abu Dhabi’s existing downtown, new business, and residential districts. In September 2019, The Galleria Al Maryah Island opened, a world-class mall which caters more to daily shopping needs and complements The Galleria Luxury Collection, which caters more to the luxury shopper. In December 2019, MREI announced that it had signed Heads of Terms on seven Al Maryah Island Plots totaling ca.150,000 sq m of Gross floor area (GFA) which should deliver over 2,000 residential units by Q1 2024. Given the expectation that AMI will provide approximately 50,000 jobs and be home to a population of 30,000 people, and to ensure that AMI offers the best experience for its residents, workers, and guests, MREI is also working with its subsidiaries to expand the availability of leisure amenities and activities, which should be delivered during 2021.
Ali Eid Al Mheiri, Executive Director of Mubadala Real Estate and Infrastructure commented: “ADGM Square’s strategic location in the heart of Abu Dhabi has made it the go-to district for international and regional business; a place that connects the capital to the world. Al Maryah Island is witnessing new development over four phases, with 933,351 sq m developed so far, with plot sales and high occupancy rates expected to be on the rise. With the expansion of The Galleria Mall and residential units coming on line, we are positive that Al Maryah Island will continue to be a destination of excellence.” -- Tradearabia News Service