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Masdar City aims to grow its tenant base nearly fourfold by 2020, and to expand the net leasable area available within the Free Zone by around a third (32 per cent) every year over the next four years, the low carbon city, which hosts top institutions like International Renewable Energy Agency, announced on Thursday.
As part of the expansion plans, around 35 per cent of Masdar City’s planned built-up area will be completed within the next five years, and all existing buildings and those under construction are fully leased.
A six-floor multi-tenant office block with 16,634 sqm of Gross Floor Area (GFA) will be delivered by the end of next year within the existing first phase of the development by UAE-based Tristar Real Estate, according to Masdar City.
The Accelerator 1, a dedicated R&D (Research and Development) cluster planned for phase two, is due for completion by the second quarter of 2017.
With nearly 5,000 sqm of GFA, the Accelerator 1 will offer comprehensive ICT infrastructure and ‘smart office’ connectivity, plus the Free Zone’s administrative support in setting up a new business swiftly and efficiently.
“As both a Free Zone and Investment Zone, Masdar City offers both flexibility and scalability to prospective tenants and investors, catering to micro businesses and large-scale corporations alike,” Ahmed Baghoum, Director of Masdar Free Zone, said in a statement.
“This competitive mix reflects the needs of the market and supports Abu Dhabi’s ongoing efforts to promote economic diversification.”
New tenants will join multinationals such as Siemens, General Electric, Lockheed Martin and Mitsubishi Heavy Industries, as well as small and medium enterprises (SMEs) and start-ups.
Masdar City’s Free Zone benefits include 100 per cent foreign ownership, exemption from corporate and personal income taxes, and 0 per cent import tariffs, as well as access to R&D partnerships through Masdar Institute and the demonstration projects active across the City. Its Free Zone and Investment Zone will be showcased at Cityscape Abu Dhabi, the real estate exhibition and conference taking place from April 12-14.
Source: Staff Report, gulfnews.com