The local Al-Faraa General Contracting Company has won the estimated AED300m ($82m) contract to build the new headquarters for the local Al-Hilal Bank on Abu Dhabi’s Sowwah Island

The tower will be built at Sowwah Square, which is being developed as a new financial centre for the emirate by government-controlled Mubadala Development Company. The consultant for the Al-Hilal Bank building is US-based Goettsch Partners.

Al-Hilal Bank bought a 4,850-square-metre commercial plot from Mubadala in 2009. Other financial institutions that will have a presence on Sowwah Island include National Bank of Abu Dhabi (NBAD) and the Abu Dhabi Securities Exchange.

Mubadala is still evaluating bids for the contract to build the Four Seasons hotel on Sowwah island. Mubadala received final prices from contractors in October last year. The planned five-star hotel will be a 144-metre-high tower, with a gross floor area of about 100,000 sq m.