A new multi-billion dirham real estate development has been announced for Sowwah Island in Abu Dhabi.

Abu Dhabi investment group Mubadala Development said the island would be designed to host the new headquarters of the Abu Dhabi Securities Exchange as well as major banking and financial institutions.

ADX will occupy premises on a lease basis, surrounded by four grade A, 30 to 36 floors commercial towers offering office, hotel, and retail amenities.

Office space alone accounts for 285,000 square meters of the total development.