Abu Dhabi Island to be converted into financial district
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News on Middle East
16 May 2008
Suwa Island, off Abu Dhabi’s coast, will be developed into a business zone that will eventually become home to the region’s stock exchange.
Mubadala Development Co, which manages over $10bn in assets, will fund the construction of the offshore island, which will be developed by John Buck International, a joint venture Mubadala which was formed earlier this year with Chicago-based property firm The John Buck Co.
Speaking at a news conference, Carlos Obeid, Mubadala’s chief financial officer, said: “It is a multi-billion dirham development and construction has already started. The island will be home to the new headquarters of the Abu Dhabi Securities Exchange.”
The 570,000sqm development will include commercial and residential buildings as well as a hotel and retail space. “There is tremendous demand for commercial real estate in Abu Dhabi fuelled by the growth of the economy,” he added.