Wednesday, Jan 25, 2012

DUBAI (Zawya Dow Jones)--Abu Dhabi's Tourism Development and Investment Co., or TDIC, the main developer of Saadiyat Cultural District, said the new delivery dates for the Louvre Abu Dhabi, Zayed National Museum and Guggenheim Abu Dhabi will now be between 2015-2017 following a review by the government.

TDIC said in an emailed statement that Louvre Abu Dhabi will open in 2015, Zayed National Museum in 2016 and Guggenheim Abu Dhabi in 2017.

The three museums, initially estimated to cost $1.27 billion, were planned to open between 2013-2014, but TDIC said last year they were all to be delayed till further notice due to the magnitude of the work involved.

TDIC added that new timeline has been finalized in close coordination with its partners and advisors, Agence France Musums, The British Museum, and the Solomon R. Guggenheim Foundation.

Earlier this week, Abu Dhabi's Executive Council said it approved the budgets and opening dates for three museums after a review.

TDIC said substantial work has already been completed on the museums and "detailed architectural designs have now been finalised, as well as all foundation and piling work."

Oil-rich Abu Dhabi, looking to diversify its revenues away from oil, has been trying to promote itself as a world center for culture as well as business. The emirate had planned to invest about $500 billion in all types of non-oil industry, tourism and culture. However, budgetary tightening last year led to the shelving of at least $30 billion worth of projects as the government weighed the need for such projects in light of the global economic downturn.

Designed by Jean Nouvel, Louvre Abu Dhabi is set to be the first "universal" museum in the Arab World, and will showcase art from different civilisations and cultures, TDIC said. Zayed National Museum will tell the story of the late Sheikh Zayed bin Sultan Al Nahyan's life and explore the history and culture of the U.A.E., while Guggenheim Abu Dhabi will be a transnational platform for contemporary art.

-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; tahani.karrar@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

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25-01-12 0727GMT