John Buck International Properties LLC expands portfolio of commercial, hospitality and infrastructure projects on Sowwah Island
Abu Dhabi, 10 August 2009 - John Buck International Properties LLC (JBI) and Al Hilal Bank (Al Hilal) today announced the signing of a Development Management Services Agreement that sees JBI coordinate and manage the development of a 24 storey commercial tower for Al Hilal.
The commercial plot is located on Sowwah Island, the core of Abu Dhabi's new Central Business District (CBD). Sowwah Island is a strategic project of Mubadala Development Company (Mubadala) being master planned and developed by Mubadala Real Estate & Hospitality. Al Hilal purchased the 4,850 sqm plot from Mubadala in July 2009.
John Buck International will be Al Hilal's Development Manager, and will steer all aspects of the project through the design and construction processes. The first phase of the design process commences immediately. Occupancy is scheduled to occur in 2014 for what will be an iconic addition to Abu Dhabi's skyline.
Kevin P. Morgan, Deputy Chief Executive Officer at John Buck International commented, "John Buck International is delighted to be the Development Manager of this very prestigious project for Al Hilal Bank. Al Hilal's dedication to premium quality is well aligned with our philosophy towards delivering the highest quality real estate services for esteemed clients in Abu Dhabi." He added, "We are committed to this important project and are confident that it will be a perfect complement to the quality of development underway across Sowwah Island."
Mohamed Jamil Berro, Chief Executive Officer of Al Hilal Bank commented, "As one of the flagship projects in Abu Dhabi's new centre of commerce on Sowwah Island, this project has to be delivered and managed to the highest specifications. John Buck International's expertise in delivering premium, efficient and sustainable commercial real estate is second to none and we are pleased to have them as Development Manager of this strategic project."
The tower will be located adjacent to the prestigious Sowwah Square commercial development and multi-specialty hospital Cleveland Clinic Abu Dhabi. The development of Al Hilal's commercial tower will join other components of Sowwah Island's first phase of development, including Sowwah Square, two five-star hotels - Rosewood Abu Dhabi and Viceroy Abu Dhabi; Cleveland Clinic Abu Dhabi, a commercial tower by National Bank of Abu Dhabi, and extensive infrastructure works.
Spanning 105 hectares and strategically located at the junction of Abu Dhabi Island, Al Mina, Al Reem Island and Saadiyat Island, Sowwah Island is one of Abu Dhabi's newest investment zones and is being master planned and developed by Mubadala Real Estate & Hospitality as part of the Urban Planning Council's Plan Abu Dhabi 2030.
John Buck International was appointed by Mubadala as Development Manager for several key components of Sowwah Island including Sowwah Square, Rosewood Abu Dhabi, and the island infrastructure. In this capacity, JBI provides development, leasing and asset management services for Sowwah Square, which has been designed to Grade 'A' specifications to accommodate the requirements of leading local and international companies; development management services for Rosewood Abu Dhabi; and development management services for Sowwah Island's comprehensive transport and utilities infrastructure which includes an integrated and multi-layered transport network of 13 new bridges and a mass transit system with both light and heavy rail.
Both Sowwah Square and the transport and utilities networks are currently under construction.
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About John Buck International:
John Buck International is an Abu Dhabi-based real estate services company specializing in quality-driven, integrated commercial real estate development, leasing and asset management services. Established in 2008, John Buck International is a joint venture between Mubadala and The John Buck Company, a leading Chicago-based full-service real estate company. The company focuses on creating value across the real estate sector through highly skilled teams of the best industry personnel, focused on delivering integrated real estate solutions tailored to the sophisticated needs of their clients.
John Buck International is focused on delivering premium commercial real estate across Abu Dhabi and the GCC region and is currently managing development components of key landmark projects in Abu Dhabi including Sowwah Island, Sowwah Square, Rosewood Abu Dhabi, TwoFour54, Sorbonne University and Zayed University. John Buck International also provides Asset Management services for Sowwah Square and for a portfolio of Aldar commercial office buildings.
For additional information, please visit www.johnbuckinternational.com
About Al Hilal Bank:
Al Hilal Bank is wholly owned by the Abu Dhabi Investment Council, which is an investment body of the Government of Abu Dhabi. The Bank has an authorized capital of AED 4 billion and is licensed to operate as an Islamic commercial bank. Al Hilal Bank is committed to becoming the region's leading financial institution, escalating the development of Islamic Banking with a fresh approach to the industry, new technology and service excellence. Al Hilal Bank has eight branches across UAE.
About Sowwah Island:
Sowwah Island is the core of Abu Dhabi's new Central Business District (CBD) as designated by the Urban Planning Council in Plan Abu Dhabi 2030. It has also been classified as an Investment Zone by Abu Dhabi's Executive Council.
Mubadala Real Estate & Hospitality is responsible for the transformation of the 105 hectare island which will play a pivotal role in meeting the long-term commercial requirements of Abu Dhabi. The development of Sowwah Island as a key component of Plan Abu Dhabi 2030 is a demonstration of Mubadala Real Estate & Hospitality's involvement in strategic and benchmark projects in the long-term physical and commercial development of Abu Dhabi.
Sowwah Island is strategically located between Al Reem Island, Abu Dhabi Island, and Mina Zayed, making it the central commercial hub for the City. Among the first developments on the Island is Sowwah Square, an integrated Grade 'A' commercial development comprised of the distinctive new headquarters of the Abu Dhabi Securities Exchange and surrounded by 4 high-rise office towers. The development also includes two five-star business hotels, retail and exclusive parking. The integrated development totals over 450,000 square meters of office, hotel, and retail amenities. State-of the art, multi-speciality hospital Cleveland Clinic Abu Dhabi is also underway on the Island.
An integrated and multi-layered transport network is being developed to ensure commuters can easily travel from Abu Dhabi Island to the heart of the CBD. Connecting to the existing fabric of Abu Dhabi Island, this transport network, which includes 13 bridges and a mass transit system with both light and heavy rail will also connect Sowwah Island and Abu Dhabi Island to Al Reem Island and Mina Zayed, providing convenient, efficient access from all areas of Abu Dhabi, with minimal congestion and transit times.
About Sowwah Square:
Sowwah Square is a flagship commercial real estate development located at the heart of Sowwah Island, the core of Abu Dhabi's new Central Business District, as designated by the Urban Planning Council's Plan Abu Dhabi 2030.
Sowwah Square will feature the distinctive new headquarters of the Abu Dhabi Securities Exchange, surrounded by four Grade 'A' high rise office towers with the largest column-free floor plates in Abu Dhabi, state of the art information technology systems, and premium grade design focused on sustainability. It will also be comprised of two five-star business hotels including Rosewood Abu Dhabi, retail, and exclusive parking, totalling over 450,000 square meters of office, hotel and retail amenities.
Sowwah Square is the first integrated development in Abu Dhabi to achieve LEED Core and Shell (LEED-CS) Gold pre-certification by the US Green Building Council (USGBC). LEED is the internationally recognized US benchmark for the design, construction and operation of high performance green buildings.
The LEED Core and Shell Gold pre-certification recognizes Mubadala's declared environmentally sustainable goals and intentions of the Sowwah Square design, which achieved points across all categories of LEED-CS criteria including site sustainability, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality, and innovation and design process.
Sowwah Square is a development project of Mubadala, being managed by John Buck International.
For Media inquires, please contact:
John Buck International
Ms. Alana Marini
Email: amarini@jbi.ae
Phone: +9712 413 0018
Al Hilal Bank
Ms. Mariam Yousef Ahli
Public Relations Manager
Email: myahli@alhilalbank.ae
Mob: +97150 744 7755
© Press Release 2009
