"Dubai: The total value of announced and on-going projects in Abu Dhabi has inched close to Dh1 trillion, currently at Dh991 billion ($270 billion), a report says.
Abu Dhabi, the largest among UAE's seven states, is by far the wealthiest and in 2005 had the highest per capita income in the world at $46,147. It has proven oil reserves which are estimated to last for another 150 years and currently pumps 3.5 million barrels of oil per day generating in excess of $90 billion annually," it said.
Major players including Aldar, Sorouh, Escan, Tourism Development and Investment Company, Reem and Tamouh Investments are currently involved in projects estimated at over $60 billion.
The list of projects include the $14.7 billion Al Raha Beach development by Aldar Properties, the $27 billion Saadiyat Island by TDIC, $2.5 billion Shams Abu Dhabi by Sorouh, $1.4 billion Reem Island by Tamouh Investments and $3.5 billion Najmat Abu Dhabi project by Reem Investments.
The latest amendment to Abu Dhabi Property Law will help the emirate to attact more investment into the reality sector."
http://gulfnews.com/business/Construction/10103864.html
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5 comments:
More sky-scrapers!! Yippeee :D
proven oil reserves which are estimated to last for another 150 years
Ludicrous!
This unique design will finally grace the Dubai Skyline. Wonder whats the name?
...generating in excess of $90 billion annually
Amazing. So, $270 billion is relatively speaking a drop in the bucket--just 3 years of revenue. But money isn't everything. I'm skeptical that Abu Dhabi can pull it off. Look at the never completed Grand Mosque and Lulu Island. On the other hand there is the new Corniche and the Emirates Palace hotel. My bet is they'll build half of what they plan in twice the time.
I think theyll get it done, but as u said "My bet is they'll build half of what they plan in twice the time", but altleast theyre trying.
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