Tuesday, September 9, 2008

Abu Dhabi – Where big is just too small

In 2007, the construction sector of Abu Dhabi was valued at €4.7bn. An aggressive marketing campaign carried out by the emirate in the past year suggests that growing confidence in the state will bring its share of the overall UAE mortgage market from five per cent in 2007 to 22 per cent by the end 2008. That is a growth rate of over 400 per cent in just over a year.

The sales price growth of property in Abu Dhabi is reported to have by 53 percent to date between 2007 and 2008 (Colliers International). It is predicted the under-supply of residential property in the emirate will continues for the next three years to at least beyond 2010.

In the commercial market, office supply is currently mostly concentrated in the Abu Dhabi City area. However, key areas for commercial development in the next two to five years will be Al Raha Beach, Al Reem Island, the Between Bridges Project and the ADNEC Capital Centre.

A strategic plan for the future development of the Abu Dhabi City up to 2030 foresees the creation of two new Central Business Districts (Al Suwa Island Financial Centre and the Capital District), at opposite ends of the city, where office spaces will be consolidated.

The prestige tourist market continues to grow in Abu Dhabi. 10,000 new hotel rooms are due for completion between now and 2010, with a further 7,000 rooms by 2015.

Five Abu Dhabi Developments to Watch
  • Yas Island Formula 1 Racetrack: (Phase 1 due for completion late 2008). This €28.5Bn Entertainment Island will be home to the world's first Ferrari Theme Park.
  • Masdar City: Ironically for the oil rich UAE, the 6-sq km Masdar City is to be 100 per cent environmentally friendly and carbon neutral and will house 50,000 residents when completed in 2015. Phase 0ne of the €22bn city is due for completion by the end of 2009, with phase six planned for completion 2015.
  • Saadiyat Island: A new €280m Guggenheim Museum, due for completion in 2011, will be the centre piece of this cultural island which will also include a Louvre Gallery, a Maritime Museum and the Sheikh Zayed National Museum. The island will be completed with luxury villas, condos and apartments, golf courses and 29 hotels.
  • Khalifa City: The future capital of the UAE, Khalifa City will be a totally new master-planned metropolis which will take another 20 years to complete.
  • Reem Island: This gargantuan new Island Project that will be the centrepiece and jewel in the crown of Abu Dhabi. Eventually it will become home to over 250,000 residents as well as a large number of businesses.

Find the latest construction professional jobs in Abu Dhabi, UAE and the Middle East

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