Yas Island water park opening delayed to 2013

Aldar will soon award construction contract for Yas public beach

Aldar Properties, Abu Dhabi's biggest developer, expects to open Yas Island water park by first quarter of 2013 and will soon be awarding a construction contract for Yas public beach.
In its project progress update report for May, the developer said: “With construction firm Alec signed on as the main contractor, since January all permits have been received from the Abu Dhabi Municipality, with a new completion date for first quarter 2013.”
The outdoor water park, which will have 40 rides and attractions once completed, was expected to be completed by third quarter of 2012.
In March, Alec, UAE-based contractor, was awarded a $165 million contract for the Yas water park. The water park, situated next to the Ferrari World Abu Dhabi theme park, occupies an area of 13.77 hectares and total gross floor area of 21,000 square metres.
The company said technical bids are currently under review for Yas public beach and the construction contract will be awarded “very soon.”
Aldar mentioned in the report that phase one of the Motor World development will be fully operational by October 1.
The development is made up of three phases. Phase one includes 100 pre-owned car showrooms, two cafes and an Adnoc Vehicle Inspection and Registration Centre. The 100 showrooms have been already leased, the report said.
Last month, Aldar Chief Executive Officer Sami Asad said the company was in a “stable condition” and won’t need any further financial help from the government.
In January, Aldar agreed to sell real-estate assets including a Ferrari theme park and convertible bonds to the government for Dh19.2 billion to reduce its debt.
The developer plans to deliver over 2,500 residential units this year at its Al Muneera and Al Zeina projects on the Al Raha Beach Development. It reported a Dh189.1 million net profit for the first quarter 2011, compared to a Dh314.2 million net loss in the corresponding period last year.
Company shares were trading 0.02 per cent at Dh1.36 on Abu Dhabi Securities Exchange at 11 am.

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