|
Abu Dhabi: Tourism Development and Investment Company (TDIC), which manages the development of real estate assets held by the Abu Dhabi Government, has so far invested about Dh10 billion in the development of infrastructure at Saadiyat Island, chief executive officer Lee L Tabler said on Thursday.
"It's a combination of government and private financing," Tabler said on the sidelines of an aviation conference.
The total estimated cost of developing Saadiyat Island is Dh100 billion. TDIC previously said it could invest as much as Dh40 billion in the development. Sub-developers are expected to pump in another Dh60 billion.
Saadiyat has resort projects, hotel projects, golf courses, redevelopment projects, and several joint ventures in which the investments would be made. Lying to the northeast of Abu Dhabi city, it occupies an area of 27 square kilometres. The project is due for completion by 2018.
It will also have a cultural district, and as many as 5,000 residential units, which will be completed during the first phase of the development. Four museums are also proposed on the island, the first of which is expected to be ready by 2012.
Saadiyat will eventually be home to an estimated 150,000 residents with a full complement of leisure and tourism facilities, as well as civic and cultural amenities.
It will be linked to Abu Dhabi city via two causeways, one of which will operate a light rail system and a 10-kilometre long highway with bridge, making it a five minute drive from the heart of downtown Abu Dhabi and close to the international airport.
The island will be developed around seven distinctive districts with 29 hotels - including a seven-star property and three marinas with moorings for 1,000 yachts.
|
