Arab Today, arab today stalled abu dhabi museums revived after review
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

Stalled Abu Dhabi museums revived after review

Arab Today, arab today

Arab Today, arab today Stalled Abu Dhabi museums revived after review

Abu Dhabi - Arabstoday

Abu Dhabi, the oil-rich sheikhdom that’s transforming itself into a business and cultural hub, plans to resume suspended real-estate projects including branches of the Louvre and Guggenheim museums after reviewing their viability, the government said. The largest and wealthiest of United Arab Emirates’ seven sheikhdoms also approved new investments in housing, health and education, according to a statement posted on the Executive Council’s website. No cost was given. Abu Dhabi’s plans to revamp its economy ran into hurdles after the economic crisis caused home prices to drop by 45 percent and made neighboring Dubai the region’s worst-performing property market with a 65 percent price decline. At least $30bn worth of projects were put on hold in Abu Dhabi while the government conducted the review. “This can only be a positive, namely for the contractors that are established and active in Abu Dhabi,” said Mohammad Kamal, a Dubai-based analyst at Arqaam Capital. “It’s also a macroeconomic driver for growth, employment, spending and bank lending.” Budgets and opening dates were approved for museum projects in the cultural district of Sadiyat Island, including the Zayed National Museum, and franchises of the Louvre and Guggenheim branches. Other projects include the construction and redesign of the Al Ain National Museum and the cultural Hilli site. The Executive Council yesterday approved the building of 13,150 homes for UAE citizens in North Al Wathba, it said. Another 7,608 villas are expected to be completed this year and delivered to the government, the statement said. Other projects include 24 schools, 14 hospitals, six treatment centers and Abu Dhabi’s Cleveland Clinic. A 700,000 sq m extension of the airport will be completed in the fourth quarter of 2016. The new terminal will handle 27 million passengers a year, according to the statement. Infrastructure spending will include metro and tram systems, two major roads and industrial zones built to focus on petrochemicals, food and auto manufacturing. “Abu Dhabi is focusing on key sectors, where it has or can create a comparative advantage, such as the presence of significant energy resources and the absence of income taxes,” said Giyas Gokkent, group chief economist at National Bank of Abu Dhabi. For auto manufacturing, the key will be achieving scale and access to regional markets, since local demand may be too small, he said. Abu Dhabi’s location helps it serve travellers and shoppers from larger neighbouring markets such as India, Iran and Saudi Arabia. The resumption of hotels and museums construction would eventually pay off, he said. Abu Dhabi has been striving to reduce its dependency on oil revenue by developing homes, hotels, offices and tourist attractions through a combination of state-owned and publicly traded companies that raised funds from investors, international debt markets and buyers prepaying for homes. The sheikhdom and the UAE federal government took a growing share of the financing for the projects after the credit crisis caused lending in the region to dry up.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today stalled abu dhabi museums revived after review Arab Today, arab today stalled abu dhabi museums revived after review

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today stalled abu dhabi museums revived after review Arab Today, arab today stalled abu dhabi museums revived after review

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday