The Abu Dhabi Tourism Authority (ADTA) said yesterday it would be developing a Dh500 million ($136m) hotel and shopping centre in Abu Dhabi.
The project, being developed by the Tourism Development and Investment Company (which manages the tourism assets of ADTA) in a joint venture with Al Farida Investment Company (a closely-held real estate developer and investor), would span about 101,200sqm.
It is due for completion in the fourth quarter of 2009.
The five-star complex, known as "Bridgeway", will be located at Zayed Sports City, and would boast a 306-room 11-storey hotel, 146 serviced apartments, 91 residential apartments, a health club, conference centre as well as a ground floor shopping centre with 6,000sqm of lettable retail space and a food court. It will be served by 600 underground car parking spaces, in addition to surface parking.
"This partnership is another example of private sector support for Abu Dhabi's tourism ambitions and for providing the necessary infrastructure to progress them," said Sheikh Sultan bin Tahnoon Al Nahyan, Chairman of both ADTA and TDIC.
"The private sector has realised the investment potential of Abu Dhabi's hospitality segment, which now records some of the world's highest occupancy levels.
"And this development will assist us in attaining our goal of adding another 4,000 rooms to the capital's hospitality stock in the next three years," he added.
Meanwhile, the hotel, according to ADTA, will be man aged by an international operator, which is yet to be appointed. It will boast a business centre, convention and banquets facilities for 350 delegates, as well as three meeting rooms with a total auditorium capacity of 250 seats.
The park-view apartments tower, on the other hand, will offer a mix of 146 serviced apartments, in addition to 91 two-bedroom, long-term rental apartments.
"Our market research has shown there is a strong demand within the capital for studio and one-bedroom accommodation.
The planned layouts ensure the delivery of superior quality standards and services to Abu Dhabi's corporate and leisure travellers," said Sheikh Hamed bin Ahmed Al Hamed, Managing Director and CEO of Al Farida Investment.
Aldar's dual island project
Real estate developer Aldar Properties announced yesterday it would be developing a premium resort and residential development on the two islands around a lagoon off the west coast of Abu Dhabi.
The company has entered into a joint venture with the National Corporation for Tourism and Hotels (NCTH).
According to Aldar's senior project leader Rami Hreiki, the premium resort is expected to open in "2009" "Discussions are well under way with one of the world's leading luxury resort operators who will manage the property.
"We hope to make an announcement very shortly," he said. Aldar, meanwhile, has already been awarded projects including the $40 billion (Dh146.8bn) development of Yas Island.
The real estate developer is also studying targets in western Europe, Singapore and Hong Kong, CEO Ronald Barrott said in an interview to a news agency last month.
By Emirates Today Staff
© Emirates Today 2007
