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First International Developer Signs Deal On Sowwah Island

Leading Taiwan developer Farglory Group will develop four luxury waterfront towers.

Leading Taiwan developer Farglory Group will develop four luxury waterfront towers.

Mubadala Real Estate & Hospitality (MREH), a business unit of Mubadala Development Company (Mubadala), has signed an agreement with Taiwan’s leading real estate development and construction company, the Farglory Group (Farglory), to develop four land plots totalling approximately 17,000 square meters on Sowwah Island. The agreement represents the first foreign investment in Sowwah Island, which will become a vibrant, mixed-use Central Business District (CBD) and home to 30,000 residents.

The agreement is the first investment by Farglory in the Middle East and follows purchases of commercial plots in 2009 by two prestigious UAE banking institutions, National Bank of Abu Dhabi and Al Hilal Bank.

Farglory’s four adjacent plots will be developed in phases and when complete will provide approximately 153,000 square meters of gross floor area (GFA) of residential, commercial and mixed use towers with retail services all connected by climate controlled pedestrian passageways. The first of these plots is to be developed as a luxury waterfront residential building, expected to be completed in 2014.

The plots occupy a prime location along the eastern waterfront within the first phase of Sowwah Island’s development, which includes the Island’s key infrastructure, road network, several bridges and the flagship commercial development, Sowwah Square, home to the new headquarters of the Abu Dhabi Securities Exchange. Also included in this phase are the Cleveland Clinic Abu Dhabi, luxury hotels the Four Seasons Hotel Abu Dhabi at Sowwah Island, and Rosewood Abu Dhabi. This first phase of the Island is at an advanced stage of development with the commercial towers and the Abu Dhabi Securities Exchange scheduled to be open and operational by mid 2011.

“Farglory is an internationally-renowned development and investment company and we are delighted to have them as a key partner in the development of Sowwah Island,” said Peter Wilding, Executive Director of Mubadala Real Estate & Hospitality.

“Their development of the first residential and mixed use towers on Sowwah Island is a significant milestone in the evolution of Abu Dhabi’s strategic Central Business District. Sowwah Island is a key destination for international real estate investors and developers who share a long term vision and commitment to this development and to Abu Dhabi.”

Farglory Group chairman Teng-Hsiung Chao said, “Abu Dhabi in the Middle East is the top priority market in Farglory’s globalization plan. Farglory will bring the world’s best construction design teams together for the Sowwah Island Development Project. This construction project will not only enhance Farglory’s international competitiveness but will also make Taiwan’s construction development business known to the world. The Sowwah Island Development Project is just a beginning of Farglory’s cooperation with Mubadala Development Company. Both sides will establish an even closer partnership.”

Established in 1969, Farglory is an international land development and construction company that operates in Taiwan, China, the United States, and France. One of the largest companies in Taiwan, Farglory has more than NTD 400 billion in total assets.

MREH is responsible for the development of the 114-hectare island, which is strategically located at the junction of Reem Island, Mina Zayed, and the existing downtown area of Abu Dhabi Island. Sowwah Island will be a vibrant district, modelled on the world’s leading mixed-use CBDs. Designed to the highest international standards, Sowwah Island will feature a dynamic combination of premium commercial and residential clusters, luxury business hotels, comprehensive retail, medical facilities, public amenities, landscaped parks and pedestrian-friendly open spaces. It will also feature an integrated and multi-layered transport network to ensure efficient, convenient access from all areas of Abu Dhabi, including 13 new bridges and a mass transit system with both light and heavy rail.

Mubadala Media Contacts:

Rashed Al Harmoodi
Mubadala Development Company
Mobile: +971 (0)50 657 8686

Paul Slinger
Edelman Public Relations
Mobile: +971 (0)50 612 9846

Notes to Editors:

About Mubadala Development Company

Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi.Established and owned by the Government, the company’s strategy is built on the management of long term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate. Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments. The company partners with leading global organizations to operate businesses across a wide range of industry sectors including aerospace, energy and industry, healthcare, information communications and technology, infrastructure and real estate. By doing so, Mubadala accomplishes its mission to expand the economic base of the Emirate and contribute to the growth and diversification of the Abu Dhabi economy.

For more information about Mubadala, its partnerships and activities please visit

About Mubadala Real Estate & Hospitality (MREH)

Mubadala Real Estate and Hospitality (MREH) is a business unit of Mubadala focused on domestic and international projects in the real estate and hospitality sectors. A critical component of Mubadala’s broader mission, MREH is responsible for overseeing strategic projects that are part of the developmentplans of Abu Dhabi and that help drive the local tourism sector.

With a mandate to drive Abu Dhabi’s long-term development and deliver key projects within Capital 2030 (formally known as Plan Abu Dhabi 2030): Urban Structure Framework Plan, MREH develops strategic, large scale commercial, residential and leisure districts to the best standards of quality, functionality and sustainability. Key Abu Dhabi projects include the development of Sowwah Island, Sowwah Square, Arzanah and Mina Zayed Waterfront.

Within the hospitality sector, MREH is helping to drive the tourism sector by developing world-class hospitality projects in Abu Dhabi, attracting leading hotel operators to the Emirate. MREH also owns 50% of luxury hotel operator Viceroy Hotel Group and has been actively driving its expansion into key gateway cities and leading destinations around the world.

For further information about Sowwah Island please visit:

About Farglory

Farglory Group started in the land development and construction business as in 1969. Metropolitan Construction and Farglory Group have expanded rapidly over the last forty years in the form of its affiliates which include Property Development and Construction, Finance and Insurance, Air Cargo Logistics, Recreation and Leisure, Dome Complex, Commercial Development, Charitable Activities and Medical Care, and Overseas Investment. Today Farglory Group operates in Taiwan, China, the United States and France. With more than NTD400 billion in total assets, Farglory Group is positioned to provide trustworthy and diversified services that fully satisfy customers’ needs on every front far from into the future. Also Farglory Group has won numerous prizes over the years and has been ranked as the 39th largest business.