The announcement in late 2006, that Abu Dhabi will house the only Guggenheim museum in the region - which at 30,000 square metres will be larger than any existing Guggenheim worldwide - firmly established Saadiyat Island as the cultural destination of the United Arab Emirates. In March this reputation was strengthened by the government signing a 30 year licensing deal with the Louvre Museum in Paris to build the first museum to carry the Louvre name outside France – scheduled to open in 2012. These institutions are in good company as leading educational arts establishment; the Paris-Sorbonne University, opened its Abu Dhabi campus in October 2006 establishing a centre of excellence for the study of humanities, culture and science.

Another coup came in February 2007 with the signing of a nine year contract to host a Formula One Grand Prix in the city from 2009. This will attract large numbers of visitors and will take place on a specially constructed track on ALDAR´s Yas Island. Yas is a project which already has a commitment from leading international brand Ferrari to open the world´s first Ferrari themed park in the Emirate. The development on the East Coast of Abu Dhabi will also be home to mega retail, residential and leisure projects.

Furthermore, the city is attracting the attention of some of the large UAE based business conglomerates. Al Futtaim is planning to develop a USD 9.5 billion (AED 35 billion) mixed-used project here, double the value of its development Festival City in Dubai. The project will exceed 10 million square feet and includes a huge commercial/retail complex, hotels, residential and offices towers, to be constructed over the next 10 years.

Abu Dhabi is doing things differently. The developers here are phasing releases and carefully planning construction to allow the market to keep pace and avoid over supply. They are committed to developing infrastructure first so that the current journey times within the city are minimally effected by construction. And, they have solid backing, the main developers for the master projects are strongly supported by the Abu Dhabi Government and the emirates massive oil reserves.

Although the perception of the Abu Dhabi market is that it is slower than Dubai, the projects which satisfy purchasers’ needs through their location, pricing and competitive payment terms are doing well. Recent residential launches have attracted serious investors and home purchasers.

Sorouh´s Tala Tower located on Marina Square, Reem Island, achieved in excess of 50 per cent sales in just two months from launch. Mangrove Place a new waterfront release adjacent to Sky Tower in Shams Abu Dhabi, from private developer Luxury Real Estate Development attracted a pre-launch interest in over 25 per cent of its units. Meanwhile, Hydra Village located between Abu Dhabi City and Dubai is offering competitively priced townhouses which are being snapped up by purchasers looking to cut their commute to work by travelling North to Jebel Ali to avoid the Dubai traffic.


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