The Sowwah Square project being developed on Sowwah Island off Port Zayed has been officially launched by the Mubadala Development Company.
The flagship complex will be developed, constructed and managed by John Buck International for Mubadala, which will own the project 100 per cent. John Buck International is a joint-venture real estate company set up in March by Mubadala and America's John Buck Company. The project will be the commercial centre of the capital's proposed central business district.
"Construction work is already under way and we anticipate it will be completed by around 2010," said Carlos Obeid, Mubadala's Chief Financial Officer.
"We cannot disclose the full value of the project because it is still subject to negotiations with various parties, but it is a multi-billion-dirham project.
"The funding will be a mixture of equity and bank loans. We are in discussion with various banks and financial institutions for the debt part and Mubadala will provide the equity.
"The development of Sowwah Island as the commercial centre of the UAE capital is the major component of Abu Dhabi's growth. The complex will have good links to the Mina Zayed area and Reem and other islands.
"Sowwah Square will provide a modern, productive and healthy working environment for the companies located there."
The Abu Dhabi Stock Exchange will be the anchor tenant on the island. CEO Tom Healy said: "We are looking forward to a successful future at our new headquarters."
Sowwah Square is being developed on a two-storey retail podium covering more than 570,000 sq m.
There will be four high-rise office towers with 285,000 sq m of space plus a five-star 250-room hotel with more than 100 serviced apartments. Mubadala anticipates a working population of up to 14,000.