New beginnings
Given the fact that TDIC has announced it will explore alternative funding options after postponing a bond sale, plus a widening net loss and reduced budget, the launch of so many of its projects will be concrete proof of its commitment, and one that sets the scene for Abu Dhabi to achieve greater prominence as an upscale destination.
“While all of TDIC’s hotel projects that are scheduled for opening in 2011 and during early 2012 will be going ahead as planned, as a commercial developer, we are regularly reviewing our portfolio to ensure the economic sustainability of our projects … and will be sequencing the roll out of future projects in line with market conditions,” confirms Pringle.
What is certain is that Saadiyat will become a name to play with in tourism terms as the island builds destination awareness ahead of the opening of its flagship attractions such as the Louvre and the Guggenheim museums.
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“There is a certain buzz as this year will be a significant milestone in the emergence of Saadiyat as a tourism destination,” confirms Pringle. “It is the biggest year of delivery to date as many of the island’s projects become operations — as well as the two hotels and beach club, we will see the arrival of a new exhibition space in the Cultural District which will be the new home of the Abu Dhabi Art Exhibition from this year.
“The pavilion has an iconic dune shaped structure designed by Foster + Partners — who are also designing the Zayed National Museum — and it is currently being re-constructed on Saadiyat following display at World Expo 2012 in China last summer.”
Meanwhile, Pringle acknowledges that marketing both the Abu Dhabi and Saadiyat Island names is vital to the success of development in the emirate, and points to the ongoing success of the government’s integrated strategy.
“Being wholly owned by ADTA, TDIC is able to align with that organisation’s broader marketing and promotion of Abu Dhabi around the world,” he explains. “Abu Dhabi’s Tourism Development and Investment Company has, and will continue to have, a presence at the international travel trade shows, as well as working with tourism partners such as Troon Golf and Shangri-La, to market our projects worldwide.”
Pringle also stresses that the ‘name game’ was an essential element of painting the Abu Dhabi picture around the world.
“Some of our hotel projects are wholly owned by TDIC while others are joint venture partnerships — overall, working with global hospitality brands and families, with their known names and existing marketing, is an important part of the government’s strategy to accelerated the development of hotel rooms,” he concludes.
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