All TDIC projects remain on track, says official

Tourism Development and Investment Company (TDIC) is currently developing 106 projects throughout the emirate of Abu Dhabi, and 12 of their mega projects, including the flagship Saadiyat Island, are on track for on-time delivery by 2011. TDIC also said that all new contracts will be issued on a competitive bidding process. Almost 85 per cent of the work on Anantara Qasr Al Sarab Abu Dhabi (Resort and Spa) is complete and the project is scheduled to be operational by the fourth quarter of 2009. Presenting an update of 12 of TDIC key projects, Executive Director of Project Delivery Stuart Maqee said the majority of these projects have gone through 50 to 85 per cent of work. "We had formed a joint venture with the Gulf Leighton, a subsidiary of Leighton International. The JV was based on a 51-49 basis. But now with the changing economic situation, we are reviewing what makes best sense with each project on taking decisions on an individual basis," said Magee. The construction cost, he said, has reduced considerably over the last six months forcing the company to review the cost structure. "The cost has significantly reduced of late and as a responsible company we are constantly reviewing our procurement strategy in terms of what makes best sense with the present economic situation," he added. The presentation at the Cityscape 2009 was organised to provide a comprehensive overview on the projects across Abu Dhabi, which includes City Centre and island retreats, luxury waterfront resorts and downtown business tourism centres. Magee said some of the projects will be delivered by the end of this year while others will be delivered in 2010 and 2011. By 2018, he added, the island will have a population of 160,000 residents in addition to visitors. The flagship of the company is the projects on Saadiyat Island with a combined cost of more than Dh28 billion. The 27 square kilometre island is being developed as the Cultural District of Abu Dhabi with the construction of a number of museums, technical and arts institutions, mixed-used development, hotels a world-class golf course and luxury villas. TDIC-Leighton Contracting was formed in December 2007 to undertake various contracts for TDIC developments. Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .