Abu Dhabi Global Market, ADGM, yesterday announced that it has signed a 50-year lease with the Mubadala Development Company to make the Financial Building on Al Maryah Island, owned by Mubadala subsidiary, AlSowah Square Properties, ADGM's headquarters.
With Cabinet Resolution No. 04 of 2013 having designated Al Maryah Island as the location of the Financial Free Zone and Law No. 04 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.
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 and 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."