The investment company TDIC, one of the largest developers of the inhabited and tourist real estate in the United Arab Emirates, it is full determination to construct the quarter first in Abu Dhabi intended for residing of workers of the local industry of tourism. About it business writes portal Arabian Business referring to one of heads of the company.
The project will be realized in some stages in area Al Mafraq. It is supposed, that the first turn of quarter will be placed in operation in 2011. The architectural project of quarter is already approved by city town-planning council. The company does not disclose volume of investments into the project.
Exclusively Serving LodgersAccording to TDIC, exclusively employees of local hotels — from the top management to workers of the younger category will rent or buy residential property. The developer counts, that all in new houses will live about 35,000 persons. It is supposed, that the part of apartments will be got under the long-term credit program (Loan & Mortgage) financed by the government of the United Arab Emirates.
The developer portfolio of company TDIC (Tourism Development and Investment Company) totals 13 large projects. The basic project of the company is building of "Saadiyat Island" the area of 25 km2 at coast Abu Dhabi. By 2020 nine five-stars hotels, elite habitation, the trading and entertaining centres, offices, museum complexes and restaurants here will be constructed.
In 2008 the Tourist administration of Abu Dhabi informed, that by 2012, annual inflow of tourists to the United Arab Emirates will make more than 2,7 million persons. In this connection the next years the hotel fund of Abu Dhabi should grow from 12,000 numbers to 25,000. Besides it the government promised to reduce the tax benefits of borrowing for acquisition the real estate to stimulate demand for the real estate.