Abu Dhabi's TDIC Reports on Thirteen Key UAE Projects at Dubai Cityscape Event

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(News Source: TDIC)

(ABU DHABI, U.A.E.) -- Tourism Development & Investment Company (TDIC), a master developer of cultural, residential, and tourism destinations in Abu Dhabi, has published a comprehensive Progress Delivery Report providing an overview of 13 of its key projects on the opening day of Cityscape Dubai 2009. The company has also announced the completion of major infrastructure projects and has unveiled its new corporate brand identity.

"Since our inception in 2005, TDIC has grown as a company and has significantly increased its portfolio of projects in Abu Dhabi," stated Lee Tabler, CEO of TDIC. "Our focus remains firmly on ensuring that our development works continue to support the sustainable, prosperous and cultural future of Abu Dhabi."

GENERAL OVERVIEW:
 
TDIC reinforced a continued commitment to remaining on schedule with its announced projects and highlighted the significant progress made since the start of the year. In July 2009, TDIC received positive feedback by global investors during the launch of the US$1 billion bonds sale which was six times oversubscribed. This represented the inaugural issuance under a US$3 billion Global Medium Term Note (GMTN) Program. Prior to this, TDIC was also assigned Aa2, AA and AA ratings from three major credit rating agencies - Moody's, Standard & Poor's and Fitch Ratings.

TDIC has maintained its position as a key player in working towards achieving Abu Dhabi's 2030 vision, with a focus on making Abu Dhabi a world-class tourist destination. Along with its joint venture partners, TDIC has successfully delivered over 1,200 new hotel rooms to Abu Dhabi this year.

TDIC also unveiled its newly adopted corporate brand identity, featuring revisions aimed at reflecting the company's core values and true ambitions for Abu Dhabi. "Our on-target delivery record in 2009 and our continued progress towards the Abu Dhabi 2030 Urban Plan has inspired us to recreate the look, essence and feel of the TDIC brand," said Tabler.  "The new brand identity reflects our considered approach to all of our pioneering developments, and our commitment to ensuring sustainability and respect for local traditions."

KEY DEVELOPMENTS:

Qasr Al Sarab

One of the major highlights in the report includes Qasr Al Sarab, Desert Resort by Anantara. The luxurious five-star leisure resort, due to officially open on 25th October 2009, is constructed with pioneering engineering methods on the sand dunes of Abu Dhabi's Liwa Desert.

The luxury resort features 154 rooms, 42 villas, 10 royal villas, a luxury health spa, conference centre, outdoor pool and children's playground. Sitting among the highest sand dunes in the world, Qasr Al Sarab comprises a desert experience centre designed to educate visitors on the surrounding environment and to offer activities relevant to the region including falconry, camel riding and desert and wildlife exploration.

Saadiyat Island

On TDIC's flagship development, Saadiyat Island, construction work is on track. The 10-lane Saadiyat Bridge and Expressway will officially open to the public in mid-October 2009. In the past six months, groundbreaking of the Louvre Abu Dhabi museum took place, followed by a tender which was awarded to German construction company Bauer International FZE which began enabling works on the museum. Construction work on the St. Regis Hotel and Residences started in the second quarter of 2009 by the engineering and construction joint venture company Al Habtoor - Murray & Roberts. The main piling works have commenced on the five-star Park Hyatt Resort, which is being developed by Abu Dhabi National Hotels and comprises 316 rooms and suites and 44 chalets. TDIC also announced that contractors have been invited to pre-qualify for the Guggenheim Abu Dhabi museum contract and the result of which will be announced in the fourth quarter of 2009.
 
Scheduled to open its doors to the public by November 2009, Manarat Al Saadiyat is a new visitor centre being constructed on the island. The 15,400 sqm centre will include three major galleries, an experience and sales centre, a central events gallery, a 250-seat theatre and restaurant. For the first time, it will also host dedicated space for touring international cultural and art exhibitions. This space will be designed to international specifications housing a variety of art pieces. The state-of-the-art Saadiyat Island exhibition will be on permanent display and will provide visitors with an interactive narrative on the history and cultural vision behind the island.

Saadiyat Beach Golf Club, designed by golfing legend Gary Player, will be ready to welcome the public by December 2009. The shaping of the 18 holes is complete and grassing of the final holes is now underway.

TDIC has contracted Al Jaber Building LLC, an Abu Dhabi-based company, to construct the villas in the Saadiyat Beach Residences on Saadiyat Island; while Hilalco, a well-established contracting company in Abu Dhabi, was appointed to create and build the infrastructure for the construction of villas. The villas are on schedule to be delivered in the second quarter of 2011.

TDIC has also celebrated, along with staff and construction workers, the completion of the first phase of the Saadiyat Construction Village. The first group of workers have moved in and can enjoy facilities that match or exceed international standards for personal space, public utilities and leisure and recreational facilities. The Construction Village is being built to house up to 40,000 workers employed during the construction phase of Saadiyat. It covers 40 hectares and facilities include shops, Internet booths, recreational parks, laundry facilities and dining areas. Three thousand people will move into the Construction Village by the end of 2009. Abu Dhabi National Hotels have been hired as the operator of the village.

Earlier this year TDIC announced that it had secured a number of mortgage financing agreements with some of the UAE's largest banks and leading financial institutions for the Saadiyat Beach Residences. Abu Dhabi Finance, Standard Chartered Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Mashreq Bank can now offer potential homeowners looking to buy real estate with a range of special mortgage products, including finance up to 85 per cent and tenure from three to thirty years.

Desert Islands

TDIC has also achieved a number of milestones since it began developing the conservation themed Desert Islands, located in the Western Region, which celebrates its first anniversary this October. , The resort has already attracted more than 17,000 visitors and received numerous accolades, including making Conde Nast Traveler's 2009 Hot List as one of the top hotels in the region.

The Executive Committee of the Abu Dhabi Government recently approved plans for a conference centre and a diving and water sports centre on Sir Bani Yas. TDIC will issue construction packages for these by the end of the year and they will be delivered throughout 2010.

Al Bateen Wharf

TDIC is managing the redevelopment of the Al Bateen marina district in Abu Dhabi, the oldest occupied area of the UAE's capital city. On completion, the project will see the area become a signature waterfront destination, which will include a new Fishermen's Marina and the five-star Al Bateen Wharf Hotel & Apartments which is a partnership between TDIC and the UAE's Belbadi Enterprises.

A major milestone was announced recently as the Fishermen's Marina was flooded. The marina will be complete by the first quarter of 2010 and will consist of berths for 320 fishing boats. The hotel is on schedule for completion by the fourth quarter of 2011.

Eastern Mangroves, Angsana Resort and Spa

The Angsana Resort and Spa Eastern Mangroves is a wholly-owned TDIC project which has been sensitively designed to reflect its unique natural mangrove setting. It will be an integrated resort, marina, retail and residential destination with 223 hotel rooms, 221 apartments, luxury spa and fitness centers, conference facilities and restaurants offering various cuisines. Multiplex, an Australian based company, have recently been awarded the main works contract. To date 15% of the project has been completed and it will become fully operational by the second quarter of 2011.

Abu Dhabi Golf Club

TDIC is also completing the refurbishing of its Abu Dhabi Golf Resort. Built in 1985, the soft refurbishment of the Abu Dhabi Golf Club is on target and will be completed by end of 2009, while delivery of the entire project will be handed over in the third quarter of 2010. Meanwhile, a temporary clubhouse was completed in April 2009 further extending the clubhouse's facilities and allowing construction to be undertaken within the main clubhouse area. The 176-room Westin Hotel & Spa, due for completion in 2011, will be featured as part of the resort providing a range of premium rooms, executive suites and a presidential suite that overlooks the spectacular course.

ADTA/TDIC Headquarters

The ADTA/TDIC permanent headquarters will become an important landmark for Abu Dhabi. Intended to be a progressive symbol for the city, the development will become the perfect platform to showcase architectural design excellence when it is completed in 2011. The foundation work of this project will be completed by October 2009.

Additional Joint Ventures

The Fairmont Bab Al Bahr hotel, a partnership between TDIC and the UAE's Al Fahim Group, witnessed its soft opening on 1st October 2009. Positioned at the mainland gateway of the city and situated directly on the beachfront, the five-star hotel boasts 369 elegantly appointed guestrooms, a variety of world-class restaurants and over 2,500 square meters of function space (opening early 2010). It has its own private sandy beach, two outdoor swimming pools, a fitness centre and a Willow Stream Spa (opening early 2010), that will offer a full range of signature treatments to refresh and rejuvenate guests. The hotel is managed by Fairmont Hotels & Resorts, the chain's first property in Abu Dhabi.

Traders Hotel, Qaryat Al Beri, Abu Dhabi, a joint venture between TDIC and Al Jaber Group, opened for business on 1st August, 2009. The hotel, operated by Shangri-La Asia Limited,  features 301 guest rooms and suites and a Traders Club Executive Floor with a private lounge, complimentary refreshments and dedicated concierge service. The hotel also provides a conference area for small to medium-size meetings and several dining choices.
 
The 318-room Park Rotana Development, a joint venture between TDIC and Al Mada Tourism Investment Company is nearing completion and will hold its soft launch in the fourth quarter of 2009.

The Bridgeway Abu Dhabi, a partnership between TDIC and Al Farida Investments Company, will be a mixed use hotel and commercial development located on Sheikh Rashid Bin Saeed Al Maktoum Street. The project, scheduled for completion in the second quarter of 2010, will feature 282 rooms and suites and 154 serviced apartments.

The Regents Emirates Pearl Abu Dhabi, which is being developed in partnership with the UAE's Atlas Group, will provide guests with a luxurious retreat of 377 spacious rooms and suites and 60 serviced apartments. The Atlas Group has signed a contract with Regent Hotels & Resorts to manage the property. The project is on schedule to be completed by the fourth quarter of 2011.

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