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New office real estate in the pipeline will address the market demand for space.
Offering 16,634 square metres of Gross Floor Area (GFA), a six-floor multi-tenant office block will be delivered by the end of next year within the existing first phase of the development by UAE-based Tristar Real Estate.
The Accelerator 1 building, being built by Masdar as part of the dedicated R&D cluster planned for phase two, is due for completion by the second quarter of 2017.
With nearly 5,000 square metres 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.
The Accelerator 1 will also achieve a ‘3 Pearl’ rating under the Abu Dhabi Planning Council’s green building standards framework, Estidama, and realise 85 percent space efficiency. New tenants will join multinationals such as Siemens, General Electric, Lockheed Martin and Mitsubishi Heavy Industries, as well as SMEs and start-up enterprises.
Masdar City also hosts the International Renewable Energy Agency (IRENA), the first international government organisation to have its headquarters in the Middle East.
Masdar City’s Free Zone benefits include 100 percent foreign ownership, exemption from corporate and personal income taxes, and 0 percent import tariffs, as well as access to R&D partnerships through Masdar Institute and the demonstration projects active across the City.
The Free Zone also offers a ‘One-Stop Shop’ service to streamline handling administrative tasks such as government registrations and visa processing.
Besides leasing ready-made offices, tenants can develop their own commercial and residential projects through the Investment Zone, or more bespoke developments showcasing a particularly high standard of environmental performance, on a long-term lease.
“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 of Masdar Free Zone said. “This competitive mix reflects the needs of the market and supports Abu Dhabi’s ongoing efforts to promote economic diversification,†he added.
Masdar City’s Free Zone and Investment Zone will be showcased at Cityscape Abu Dhabi, the real estate exhibition and conference taking place from April 12-14.