Located in Abu Dhabi, the building is technically called HQ but is referred to by most in the area as The Coin due to its unusual circular shape. Set to be formally opened next month, the building has already had space leased by Rolls Royce and ABB, a Swedish technology company.
The new tenants mean that approximately 60 per cent of the 50,000 square metres of office space available has been leased. ABB will rent the second, third and fourth floors of the 23-storey building.
Frank Duggan, Region Manager for ABB, India, Middle East and Africa said. “We are delighted to be consolidating our operations in Abu Dhabi into one facility, as well as being in easy reach of all our stakeholders in the region.
“HQ will also provide excellent facilities to engage with our customers and other business partners, giving us space to present our technology solutions coupled with excellent conference and meeting facilities.”
Aldar Properties built the HQ and will be taking up about 20 per cent of its space.
A concierge staff, male and female gyms, high-speed lifts and valet parking will all be available to tenants of HQ.
Rupert Bown-Jones, a surveyor with CB Richard Ellis told the Abu Dhabi National that there are only three Grade A buildings in Abu Dhabi, because of which “there will be very strong take-up in the Grade A sector.”
Recently the Director of Economic Planning at the Abu Dhabi Department of Economic Planning, Ahmad Abu Ghaida, stated that the emirate is planning on growing its non-oil economy by 8 per cent in the next 20 years.
In February of this year, Abu Dhabi’s inflation rate hit 3.1 per cent.
Editor’s notes: Aldar Properties also developed and manages assets such as Al Raha Beach, Al Raha Gardens and Yas Island – the latter of which includes the Yas Marina F1 Circuit, Ferrari World and Yas Hotel Abu Dhabi.
In 2021, the company which was founded in 2004 posted revenues of AED 8.58 billion.
The editor’s notes of this article highlight that, as of June 2023, Abu Dhabi was showing signs of economic recovery post-pandemic and that prime office rents were expected to rise.