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 every year over the next four years.
As part of the expansion plans, around 35 percent 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.
“Masdar City’s transparent and business-friendly regulations, strategic location next to Abu Dhabi International Airport, and unique positioning as an innovation ecosystem providing access to education, R&D, clean technology and human capital are an attractive proposition to both public and private-sector organisations looking to set up in Abu Dhabi and the region,” Ahmed Baghoum, Director of Masdar Free Zone, said in a statement.
“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.”
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.
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.
New tenants will join multinationals such as Siemens, General Electric, Lockheed Martin and Mitsubishi Heavy Industries, as well as SMEs and startup enterprises.
Masdar City’s Free Zone benefits include 100 percent foreign ownership, exemption from corporate and personal income taxes, and zero percent import tariffs.
The Free Zone also offers a ‘One-Stop Shop’ service to streamline handling administrative tasks such as government registrations and visa processing.