Sowwah Square renamed Abu Dhabi Global Market Square.
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, today announced that it has signed a 50-year lease with Mubadala Development Company (Mubadala) to make the Financial Building, owned by Mubadala subsidiary AlSowah Square Properties LLC, on Al Maryah Island ADGM’s headquarters.
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 iconic building, designed by Goettsch Partners, is LEED Gold design certified and sits at the centre of four international Grade A commercial towers adjacent to Rosewood Abu Dhabi hotel and The Galleria. ADGM will lease the entire building, and their headquarters will house its Financial Services Regulations Bureau, its Registration Bureau and its Courts.
ADGM will be a key catalyst for the next phase of growth of the financial services sector in Abu Dhabi and the United Arab Emirates. ADGM’s three core entities; its Financial Services Regulations Bureau, its Registration Bureau and its Courts, together will provide a global financial platform with a geographic advantage from which local, regional and international institutions can capitalise on investment flows and commerce travelling between West and East. ADGM will be responsible for establishing a legal jurisdiction, registering entities who will trade in the free zone and regulating all financial services activity on the island in line with international standards.
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 AlMheiri, 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 is comprised of four office towers with 180,000 sqm 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. The island is modelled on the world’s leading mixed-use 24-hour financial districts. The Galleria, with 130 shops and 25 dining options, Rosewood Abu Dhabi, Cleveland Clinic Abu Dhabi, as well as new developments such as Al Maryah Central, the Four Seasons Hotel Abu Dhabi are ideally situated for its guests to enjoy the best that Al Maryah Island has to offer.