New retail destination on cards for Al Maryah
01 January 2013
Gulf Related, a regional development company, is expected to develop a 288,200-sq-m world-class retail destination, which will include residential and hotel components, on Al Maryah Island (formerly Sowwah Island) in Abu Dhabi. This follows its recent purchase of four land plots at the prestigious development from Mubadala Real Estate & Infrastructure (MREI), a business unit of Mubadala Development Company (Mubadala).
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, which is 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.
MREI and Gulf Related last year set up a joint venture to develop, lease, and operate The Galleria, a 33,000-sq-m (gross lease area) retail destination slated to open at Sowwah Square this Autumn.
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