The coin-shaped Aldar headquarters on the outskirts of Abu Dhabi is perhaps one of the most eye-catching buildings in the capital but it is facing the more mundane task of renting office space in a depressed market. Aldar Properties will take up about 20 per cent of the 50,000 square metre building and it is in discussions with prospective tenants about leasing another 40 per cent, said Rami Nasser, the company's director of sales and commercial leasing.
"We have achieved commitments with various tenants and organisations and we're in advanced negotiations with others," Mr Nasser said, adding that these included "Abu Dhabi entities, Abu Dhabi-related entities and blue-chip companies". Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, is among the companies that have signed up to lease space in the building. Most of Mubadala's 622 employees will remain at the Al Mamoura building, officials said.
The building is one of the first to be completed in the Al Raha Beach area, which is Aldar's large-scale development near the Abu Dhabi International Airport. As more of those buildings are completed, the building's prospects will improve, company officials note. For now, Aldar is working to convince would-be tenants that it is an attractive place to work. Mr Nasser said Aldar had already signed contracts for four restaurants and cafes, as well as one convenience store. The building also has two gyms, one for men and one for women. A tunnel will open at the end of the summer that will provide easy access to the hotels on Yas Island.
When Aldar first announced it would start taking enquiries from prospective tenants for space in the 23-storey circular building more than a year ago, it was oversubscribed, but the property recession coupled with increasing office space capacity have pushed prices and occupancy rates down across the city and the region as a whole. Aldar has the advantage of delivering the building months before many of the comparable office projects, such as Mubadala's Sowwah Square that is not likely to see its first tenants until next year.
Ultimately the success of Aldar's rental team will be a litmus test for the market in Abu Dhabi as a whole, which has continued declining, and, analysts say, is likely to fall further. Abu Dhabi commercial rents fell by 23.7 per cent last year to an average rate of Dh267 a sq foot, according to CB Richard Ellis (CBRE)'s global office rents survey released yesterday. Dubai fell by 24.6 per cent to Dh400 a sq ft. Abu Dhabi and Dubai are the 19th and ninth most expensive office markets in the world, respectively. Prices will face additional pressure as the amount of office space rises by 19 per cent this year to 2.13 million sq metres, analysts say.
Matthew Hooton, a property lawyer for the company Ashurst, said there was a growing interest in multi-year leases compared with the standard annual leases to guarantee income over a longer period. "We have been appointed by a number of landlords who now want to put in better leasing structures for their buildings," Mr Hooton said. bhope@thenational.ae
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
MATCH INFO
Euro 2020 qualifier
Russia v Scotland, Thursday, 10.45pm (UAE)
TV: Match on BeIN Sports
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)
Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)
Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson
Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)
Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)
Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino
Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
