Mubadala unveils business district

<br/>Provided by 7DAYS.ae<br/><br/>Mubadala Development Company is to turn an offshore island into a new business district for Abu Dhabi that will house the capital&#8217;s stock exchange. Sowwah Square, a commercial development containing over 570,000 square metres of office, hotel and retail amenities, will be built on Sowwah Island, off Abu Dhabi&#8217;s coast.<br/><br/><br/>The island will be developed by John Buck International, a joint venture Mubadala set up in March with the Chicago-based John Buck Company. &#8220;It is a multi-billion-dirham development and construction has already started,&#8221;  Mubadala chief financial officer Carlos Obeid told a news conference yesterday.<br/>&#8220;The island will be home to the new headquarters of the Abu Dhabi Securities Exchange,&#8221; he added, referring to the newly rebranded Abu Dhabi bourse.<br/>Obeid said the project would be funded by a mix of equity and debt but would not provide details on actual costs. &#8220;We are in discussions with financial institutions for the debt part and Mubadala will provide the equity,&#8221; he said.<br/>The Sowwah Square district will feature quality business amenities, including conference facilities, a 300-seat auditorium, a five-star business hotel with serviced apartments, parking for over 5,200 vehicles and a private business club, Mubadala said in a statement yesterday. John Buck, CEO of John Buck International, said Sowwah Square would provide &#8220;flexibility for long-term leases and professional management services&#8221;, as well as a &#8220;modern, productive and healthy working environment&#8221;.<br/>The development is scheduled for completion in 2010.<br/><br/>Read more UAE News on <a href="http://www.7days.ae/showstory.php?id=72426">www.7days.ae</a><br/>
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