Abu Dhabi projects continue despite downturn

Written by Administrator

Wednesday, 19 August 2009 13:13

The UAE's construction sector has witnessed a traumatic nine months. Dubai's market all but stopped overnight with investment drying up, resulting in the stalling of speculation-led projects as developers struggled to maintain capital flow. In the capital Abu Dhabi, however, progress has been hampered but not stopped.

The emirate is maintaining a bullish pace with many developments continuing to progress The $27bn Saadiyat Island, which is to host international culture brands such as the Louvre and Guggenheim continues to move forward.

This week, the client, the Tourism Development and Investment Company (TDIC), announced that it had signed a deal with the British Museum to assist in the development of the Zayed National Museum.

Development on Yas Island is also continuing as planned. With the F1 season in full swing and due to climax at the new course on Aldar's $40bn project in a few months, there is little option but to ensure it is completed.

Lee Kandalaft, deputy director infrastructure on Yas Island said that it is 'a special time' for Yas Island since the dearth of work has seen the odds become stacked in favour of the developers. 'Yes, we have got lucky. But we have 115 days until 1 November [F1 Grand Prix] but we hope that within one month we can commence FIA testing. Yes, everybody in real estate has struggled but there is work. You look around and there are huge projects going up.'

Last Updated ( Wednesday, 19 August 2009 13:24 )