The CEO of the Mubadala Real Estate and Infrastructure Unit of the Mubadala Investment Company “Mubadala”, Ali Eid Al Muhairi, revealed that more than 120 major local, regional and global companies opened their headquarters on Al Maryah Island, including 65 companies that opened headquarters during the past 18 months only within the Abu Dhabi market square Global.
Al-Muhairi stressed in press statements yesterday that the demand for the opening of headquarters in the island is due to the companies ’desire to take advantage of the many advantages that it provides as a free financial investment and a major destination for business, investment, living and entertainment. Al-Muhairi indicated that the total area of land developed in the first and second stages of Al Maryah Island amounted to 9333 thousand square meters, equivalent to 46.5% of the total area of the island that reaches more than two million square meters.
Al-Muhairi said that the Mubadala Real Estate and Infrastructure unit has signed, since last April, seven contracts for the sale of plots of land with a number of developers who have expressed interest in buying and developing in Al-Mariah, with a total area of about 150,000 square meters dedicated to housing and building school facilities. He pointed out that "Mubadala" sold two plots of land for residential purposes to the company "We Bridge", with a total floor area of 44.2 thousand square meters, providing 772 hotel apartments upon completion of construction work on the "Almariya Vista" project, while the "Farglory" company is currently completing Construction in the Al Maryah Plaza project, which will provide 220 luxury apartments once completed.
Al-Muhairi stated that 30 thousand square meters of office space has been leased to new tenants during the past 18 months, pointing out that Mubadala owns four office towers, the occupancy rate in three of them reached 80%, while the occupancy rate reached 70% in the fourth tower with a growth rate of 15 % During 2019.
Al-Muhairi stressed that the real estate market in Al-Mariah witnessed a great improvement during the current year compared to last year, with the support of government initiatives, as the rents of “Mubadala” assets settled in Al-Mariya Island while occupancy rates increased in general, indicating that housing units are the most requested during the current year In the passerby.
Occupancy of hotels
The Executive Director of the Mubadala Real Estate and Infrastructure Unit, Ali Eid Al Muhairi, said that the current indicators from the beginning of this year until now show an increase in the level of occupancy at the Four Seasons Hotel Abu Dhabi on Al Maryah Island by approximately 8,000 hotel nights, and the work has also settled in the Rosewood Hotel Abu Dhabi »at strong levels of over 70%, as the hotel is now entering its sixth year. He added that since the expansion of the Galleria Center opened, the demand for entertainment services in the two hotels has increased during the weekend, which reflects the growing growth of entertainment and retail facilities and services on Al Maryah Island.