ABU DHABI- 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 Square Metres, SQM, in Sarab Tower, one of four towers located at Al Maryah Island’s Abu Dhabi Global Market Square, ADGM Square.
The Abu Dhabi Global Market Square totals 182,000 SQM of leasable space, is approximately 70% occupied, and boasts over 120 international and regional companies.
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 SQM 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 SQM 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. 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 SQM 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."
© Copyright Emirates News Agency (WAM) 2020.