Construction starts on ADCB’s AED 450 million investment in Abu Dhabi One
Abu Dhabi Commercial Bank ("ADCB") announced today the start of the construction of the second phase of the Abu Dhabi One (AD-1) Building Project development in ADNEC's Capital Center District (CDD). In line with the Abu Dhabi 2030 vision and ADCB's commitment to investing in the Emirate, the building, valued at AED 450 million, will be one of the largest single developments in CCD.
Capital Center District will have a development area that totals 8 million square feet and will include 23 towers. The 23 towers will include five international hotels, five commercial buildings, seven residential buildings of which five will be serviced apartment buildings and six towers will be of mixed use.
ADCB intends for the AD-1 project, one of two residential buildings, to be completed by May 14, 2012.
"The land designated for the construction of AD-1 is situated in a prominent corner of the CCD's prestigious Capital Center Precinct. The building will be an iconic architectural showpiece that is both modern and in harmony with the Bank's other real estate assets." said Patrick Azar, General Manager, Abu Dhabi Commercial Engineering Services.
The building project manager is Abu Commercial Properties "ADCP". The CCD, an established internationally recognized business destination, already houses ADNEC's Capital Gate Building, identified as one of the most well-known buildings in the Middle East. AD-1 also has an added feature of versatile connectivity to future transportation modes, such as the metro, tram and waterway systems.
Mr. Abdulla Khalifa Al Suwaidi, Head of Government Relations, ADCB said: "The Abu Dhabi 2030 vision is something ADCB fervently supports, and we see our investment in AD-1 as an initiative towards helping to achieve this vision. The beginning on construction work on the AD-1 building demonstrates ADCB's commitment to the greater community and the successful future development of Abu Dhabi. We are looking forward to watching the progress over the next year, and see the emergence of a new contemporary development in Abu Dhabi."
- The UAE-Egypt Affair: Behind the scenes of Cairo's $40 billion housing initiative
- Revealed: Dubai's $300 million Green "Oasis"
- Why Dubai's housing market is more riskier than we thought
- Kuwait: Investment sector continues to lead real estate sales
- Why GCC nationals are rushing to buy property in this unexpected MENA country