Sunday, Oct 23, 2011
DUBAI (Zawya Dow Jones)--Abu Dhabi's Tourism Development & Investment Co., TDIC, said Sunday despite recalling the concrete work tender for the Guggenheim Abu Dhabi Museum the contract will be retendered at a later date and the museum is still on track for completion by early 2012.
"Due to a review of its project procurement strategy, Tourism Development & Investment (TDIC) has recalled the concrete works tender of the Guggenheim Abu Dhabi museum. This work, which forms a part of the multiple work contracts that make up the project, will be retendered at a future date, and all renewed interest from contractors will be welcome," TDIC said in an emailed statement.
The statement comes after earlier media reports claiming the government-owned real estate and resort developer had decided to cancel the museum.
TDIC said construction of the Guggenheim Abu Dhabi Museum has already started and key accomplishments to date are completions of land reclamation, design and build of seawall and design and installation of building foundation piles.
"Design is progressing and is due for completion in early 2012," TDIC said adding comprehensive programs are currently underway to train the museum's operators and the museum's art collection continues to grow.
In July, TDIC reduced its budgeted spending by 28% for the year by putting on hold or scaling back projects, according a company brochure. This strategy, which was approved by TDIC's board, was aimed on "selectively hibernating, delaying or scaling-back certain projects" to reduce the company's total budgeted capital expenditure for 2011 to 13.4 billion U.A.E. dirhams ($3.65 billion), from AED18.6 billion.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
(Nour Malas in Dubai contributed to this story.)
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
23-10-11 1229GMT
