ADGM leases building on Al Maryah Island as HQ

HE Ahmed Al Sayegh and Ali Eid Al Mheiri. (Supplied)

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, on Sunday announced that it has signed a 50-year lease with Mubadala Development Company (Mubadala) to make the Financial Building on Al Maryah Island its headquarters.

The building is owned by Al Sowah Square Properties, a Mubadala subsidiary.

With Cabinet Resolution No 4 of 2013 having designated Al Maryah Island as the location of the financial free zone and Law No 4 of 2013 establishing ADGM and its Board of Directors as its authority, Sowwah Square has been renamed Abu Dhabi Global Market Square and the Financial Building is now named Abu Dhabi Global Market Building.

The building, designed by Goettsch Partners, is LEED Gold design certified and sits at the centre of four international Grade A commercial towers.

ADGM will lease the entire building, and their headquarters will house its financial services regulations bureau, its registration bureau and its courts.
Ahmed Ali Al Sayegh, Chairman of ADGM, said: “ADGM’s headquarters is an iconic building, at the heart of our jurisdiction and will be a landmark for generations to come.  The signing of this lease represents a key milestone in the development of our physical premises that will home our three core entities that will enable ADGM to become a leading financial centre in the heart of our capital city.”

Ali Eid Al Mheiri, Executive Director of Real Estate & Infrastructure at Mubadala, said: “Like New York’s Financial District or The City in London, ADGM will become the very heart of Abu Dhabi’s expanding financial services industry. This represents a major milestone in the progress to make Al Maryah Island a vibrant and compelling destination, not only for financial institutions but also for first class retail, leisure and residential facilities.”

Abu Dhabi Global Market Square comprises four office towers with 180,000 square meters total of premium commercial space designed to the highest quality, sustainability and functionality guidelines.
Al Maryah Island is an integrated, 114-hectare mixed-use development, master-planned and being developed and leased by Mubadala Development Company.

 

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