ABU Dhabi is planning real estate developments in the region of $270bn over the next few years, Aldar Properties advisor Christopher Sims told a conference recently.
Sims was speaking at the City Expansion conference. Part of this expansion is Aldar’s recent $14.7bn Al Raha Beach project where 1,392 villas were sold in 45 minutes. Sims said investors might expect up to seven more projects this year including another giant waterfront development.
Etihad to invest in hotel projects
LIKE Dubai-based Emirates Airline, Etihad Airways, the Abu Dhabi-based national carrier of the UAE, will invest in hotel projects to boost leisure and business travel to the UAE’s capital city, it was announced recently.
About 10 hotels will be built in Abu Dhabi per year, adding about 10,000 hotel rooms over the next decade. The airline, which already has a holiday division to cater to the leisure travellers, is promoting various destinations across its network. It is, however, not clear whether the airline will launch a new hotel management division. The news comes at a time when Abu Dhabi is reshaping its tourism master plan inviting investors and developers to build tourism facilities. The emirate currently has 8,000 hotel rooms.
New waterfront resort
Abu Dhabi National Hotels, Abu Dhabi’s leading hospitality group, recently announced plans to redevelop its Gulf Hotel property into a new waterfront resort. The new Gulf Hotel Resort will feature a five star hotel made up of several interconnected towers, with approximately 350 rooms, large banqueting facilities and 105 one, two and three-bedroom chalets. Several rooms will also overlook the Sheikh Zayed Grand Mosque.
The site will have a large waterfront with a marina, beach club, spa and health care centre, village style retail and restaurant facilities, and kids’ play area. The resort will also feature state of the art sporting facilities and separate guest entrances. Due for completion in mid 2008, the Gulf Hotel Resort has been designed in Venetian style featuring canals and waterways. The current creek will be extended to approximately five times its current size, covering two kilometres.
AD hotel for revamp
Abu Dhabi's Khalidia Palace Hotel is being demolished and redeveloped at a cost of $204m into a five-star hotel to be managed by the Rotana Group. The 206-room Khalidia Palace Rotana Hotel and 107 furnished apartments are due to be ready by 2009.