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Al Habtoor Leighton wins ADIB contract for Abu Dhabi headquarters
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Wednesday, 06 Apr 2011

Al Habtoor Leighton Group of Abu Dhabi has won AED 400 million contract to build a headquarters for Abu Dhabi Islamic Bank. The project on Old Airport Road will feature two 14 storey towers and four floors of basement parking.

The construction company said that portion of the ground floor will house a retail office headquarters for the bank while the remaining space will be leased to outside tenants.

Mr Rupert Bowen Jones senior surveyor for the property consultancy CB Richard Ellis said that ADIB joins a list of companies building their own headquarters in Abu Dhabi including Al Hilal Bank, National Bank of Abu Dhabi and Al Nasser Group. All have specific requirements. They want buildings that suit how they operate.

Analysts said that more than 1 million square meters of office space is scheduled for completion in Abu Dhabi over the next 2 years. But only a small percentage of that is considered premium quality space. With more space coming on line and competition increasing from Dubai projects, the average office rates in Abu Dhabi have fallen 62% since the peak in the Q3 of 2008 from AED 4,750 per square meter to AED 1,800 per square meter.

Mr Al Habtoor said that work on the Abu Dhabi Islamic Bank project would start immediately and the company expected completion in 18 months. The construction company is a joint venture between the Al Habtoor of Dubai and the Australian company Leighton Holdings. Leighton bought 40% stake in Al Habtoor for USD 845 million in 2007.

(Sourced from the National)

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