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Mubadala Real Estate & Infrastructure (MREI), a business unit of Mubadala Development Company (Mubadala), announced the sale of four land plots on Al Maryah Island (formerly Sowwah Island) in Abu Dhabi to Gulf Related, a regional development company.
This sale will enable Gulf Related to deliver a further 288,200 sqm GFA to the existing mixed use retail district at Sowwah Square. The expansion will provide a world class regional retail destination that will include residential and hotel development in line with the vision of the Government of Abu Dhabi for the Al Maryah Island master plan.
The central plots neighbour the Sowwah Square district, already home to over 40 blue chip companies, and adjacent to Cleveland Clinic Abu Dhabi. When complete Sowwah Square will accommodate a working population of over 10,000.
Gulf Related is the latest third-party developer to purchase land on Al Maryah Island, joining leading Taiwanese developer Farglory Group, developing four luxury waterfront towers, and local financial institutions National Bank of Abu Dhabi (NBAD) and Al Hilal Bank which will each build a commercial tower.
The latest transaction also represents the continuation of a successful working relationship between MREI and Gulf Related following the creation of their joint venture in January 2011 to develop, lease, and operate The Galleria at Sowwah Square. The Galleria is a 33,000 sqm (GLA) retail destination that will bring fashion brands and dining to the capital when it opens in Autumn 2013.
Ali Eid AlMheiri, Executive Director, MREI, said: “Partnerships with recognized investors and developers are central to Mubadala’s vision for Al Maryah Island. We are confident that Gulf Related’s understanding of the overall Al Maryah Island master plan, combined with their experience in delivering world-class mixed-use projects, such as Time Warner Center in New York, makes them an ideal development partner.”
Kenneth A. Himmel, Co-Managing Partner of Gulf Related and President and CEO of Related Urban said: “Gulf Related pursues large-scale landmark mixed-use real estate developments in the GCC, similar to our celebrated projects in the United States. Abu Dhabi presents fantastic opportunities, and we are delighted to be able to acquire such a premium and centrally located plot to help us build on and expand our successful Galleria project.”
Dr. Karim El Solh, Co-Managing Partner of Gulf Related and CEO of Gulf Capital said: “This acquisition by Gulf Related highlights our belief in the Abu Dhabi retail market and its substantial growth prospects. Al Maryah Island will become the premier shopping and dining destination in Abu Dhabi. This project reflects the type of high-end, marquee developments Gulf Related will be pursuing across the Middle East.”
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