Abu Dhabi-based Al Hilal Bank on Tuesday broke ground on its flagship commercial development located at the heart of the Sowwah Island mixed-use development in the UAE capital.

The 120 metre-high tower will boast of over 34,000 sq m of office space and 700 sq m of retail area available for leasing, the Islamic bank said in a statement.

Al Hilal’s tower will be strategically positioned at the center of the capital’s downtown district, upcoming developments at Al Reem Island and Mina Zayed, and the new cultural district on Saadiyat Island.

It will also offer exceptionally efficient, Class A office space to leading national and global firms, it added.

It will have direct access to three main island roads and the upcoming Central Park, Cleveland Clinic Abu Dhabi and the Abu Dhabi Stock Exchange, the statement said.

The project completion is scheduled for the last quarter of 2013, it added.

Commenting on the launch, chairman Ahmed Ateeq Al Mazroui, said, 'Al Hilal Bank is very proud to commence work on our key contribution to Abu Dhabi’s 2030 Vision. Our tower supports Sowwah Island’s mission of drawing in world-class organizations to redefine Abu Dhabi’s business landscape.'

Sowwah Island and adjacent edges of Al Mina, Al Reem and the Abu Dhabi Islands are designated as Abu Dhabi City’s Central Business District under the Capital 2030 urban structure framework plan.

'The new Al Hilal facility will be serviced by a state-of-the-art, multi-tiered transportation infrastructure which will include a planned Light Rail station,' said Al Mazroui.

'It will include over 1,000 parking spaces for tenants, a high-class retail component at the ground floors and 25 commercial office levels,' he added.

The project shows the bank's commitment to socially-responsible growth, as the tower’s elements have been designed to minimally impact the environment and are aligned with Estidama’s overarching sustainability principles.

'Our future commercial developments will mirror the same high standards we have set for our flagship tower,” said Al Mazroui.

Al Hilal is fully owned by the Abu Dhabi Investment Council, the investment body of the Abu Dhabi Government. It currently operates 19 local branches plus three in Kazakhstan.-TradeArabia News Service