Baniyas Investment and Development Company (BID) has won a contract from Endless Real Estate Investment Company to develop a Dh170 million ($46.2 million) residential and commercial tower in Sowwah Island, Abu Dhabi’s new business district.

Abu Dhabi-based BID said the 2030 Tower, the 20-storey residential and commercial tower, is located at the heart of Sowwah Square, right across from Cleveland Clinic.

The tower will consist of luxurious 1, 2 and 3 bedroom apartments, retail spaces, coffee shops as well as a state of the art gym with Jacuzzis and will cater to the various needs of people working on the Island.

Wael Tawil, chief executive officer of BID said, 'As a specialized business centre, Sowwah Island will meet the various requirements of the business community in Abu Dhabi with its modern infrastructure and dedicated business environment.'

'We are delighted to be the partner of choice for Endless Real Estate Investment in developing this commercial and residential project. We are looking forward to kick off the works on this project which will create a perfect luxurious living atmosphere for the people working on the Island,' he noted.

Khalid Al Hashimi, managing director of Endless Real Estate Investment Company said housing the capital’s financial district as well as the Cleveland Clinic, Sowwah Island will be the new business hub in Abu Dhabi.

'We are happy to work with Baniyas Investment and Development Company to develop the 2030 Tower, the first of its kind commercial and residential project in Sowwah Square,' he remarked.

Commercial vice president at BID, Wael El Ashry, said, 'With a strategic location, the 2030 Tower will be the focus of all investors and employees working in the medical institution and on the Island in general. Units in this tower will be available on a freehold basis for both UAE nationals and expatriates at competitive and attractive prices.'

Baniyas Investment & Development Company, established in 2005 as a majority owned subsidiary of Bani Yas Sports Club, has its main activities focusing on investment, development and management of real estate projects.

The company is currently developing an Dh3 billion mixed use community project in the city of Bani Yas, he added.-TradeArabia News Service