Abu Dhabi unveils $27 billion island tourism project
Abu Dhabi unveils $27 billion island tourism project
Tuesday, April 25, 2006
ABU DHABI: Abu Dhabi Tourism Authority (ADTA) on Monday unveiled a new public joint-stock company charged with developing a $27 billion project on Saadiyat Island, which will transform the 27-square-kilometer natural island just 500 meters offshore the United Arab Emirate's capital city into a strategic international tourism destination.
The Tourism Development & Investment Company (TDIC), which will oversee Saadiyat's mixed-use development, will operate along strictly commercial lines, selling land to private investors who will then develop their plots in accordance with the master plan.
"Saadiyat Island will be the first of many projects falling under TDIC's remit," said Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
"This is an important chapter in Abu Dhabi's history. The creation of TDIC ushers in a new era of economic transition for the emirate, while the development of Saadiyat, a unique natural resource, represents one of the most vibrant episodes in the capital's evolution.
"Saadiyat's development will heighten awareness of Abu Dhabi's plans for economic diversification and will reinforce the perception of the capital city as a regional, and international, business and tourism hub," Nahyan said.
Tuesday, April 25, 2006
ABU DHABI: Abu Dhabi Tourism Authority (ADTA) on Monday unveiled a new public joint-stock company charged with developing a $27 billion project on Saadiyat Island, which will transform the 27-square-kilometer natural island just 500 meters offshore the United Arab Emirate's capital city into a strategic international tourism destination.
The Tourism Development & Investment Company (TDIC), which will oversee Saadiyat's mixed-use development, will operate along strictly commercial lines, selling land to private investors who will then develop their plots in accordance with the master plan.
"Saadiyat Island will be the first of many projects falling under TDIC's remit," said Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
"This is an important chapter in Abu Dhabi's history. The creation of TDIC ushers in a new era of economic transition for the emirate, while the development of Saadiyat, a unique natural resource, represents one of the most vibrant episodes in the capital's evolution.
"Saadiyat's development will heighten awareness of Abu Dhabi's plans for economic diversification and will reinforce the perception of the capital city as a regional, and international, business and tourism hub," Nahyan said.
posted by Lankadata at 11:28 PM
0 Comments:
Post a Comment
<< Home