ABU DHABI, 25 April 2006 — Abu Dhabi Tourism Authority (ADTA) yesterday unveiled a new public joint stock company charged with developing the Arabian Gulf emirate’s real estate assets and its flagship Saadiyat Island project, which will transform the 27 square kilometer natural island, 500 meters offshore the UAE’s capital city into a strategic international tourism destination.
Half the size of the tropical island of Bermuda, Saadiyat will be the Middle East’s largest single natural island development.
The Tourism Development & Investment Company (TDIC), which will oversee Saadiyat’s mixed-use development, will operate along strictly commercial lines, selling land to private investors who will then develop their plots in accordance with the master plan, supporting planning regulations and design guidelines to create a new residential and tourism environment.
“Saadiyat Island will be the first of many projects falling under TDIC’s remit,” Mohammed ibn Zayed AI-Nahayan, crown prince of Abu Dhabi, deputy supreme commander of the UAE Armed Forces and executive council chairman.
“This is an important chapter in Abu Dhabi’s history. The creation of TDIC ushers in a new era of economic transition for the emirate, while the development of Saadiyat, a unique natural resource, represents one of the most vibrant episodes in the capital’s evolution.
“Saadiyat’s development will heighten awareness of Abu Dhabi’s plans for economic diversification and will reinforce the perception of the capital city as a regional, and international, business and tourism hub. Saadiyat is a symbol of Abu Dhabi’s renewed economic openness and a signal to the world that this emirate is very much open for partnerships and business on an international scale.
“Saadiyat’s transformation is a key proposition in the Abu Dhabi government’s strategy of increasing tourism to the emirate from its current level of almost one million to three million by 2015 - a projected growth rate of 11.3 percent a year,” said Sultan ibn Tahnoon AI-Nahayan, chairman of both ADTA and TDIC.
“While this is somewhat conservative when compared to other destinations, it is in keeping with our desire to adopt a considered approach to ensure a high caliber of visitor and the safeguarding of our natural assets and culture for the benefit of future generations.
“Saadiyat will be a premier island destination as well as a modern, integrated residential community for Abu Dhabi, where residents can live, work and enjoy a full complement of leisure and tourism facilities, as well as civic and cultural amenities. One of the over-riding development criteria is the creation of this multi-faceted destination while retaining and enhancing the island’s natural beauty.”