Business | Construction
TDIC to reprioritise some projects, but museum plans are unchanged
CEO blames current credit crunch, saying assignments far in the future will be affected.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 21:18 November 9, 2008
Abu Dhabi: The Tourism Development and Investment Company (TDIC), which manages the development of real estate assets held by the Abu Dhabi government, has decided to "reprioritise" some projects because of the global credit crisis.
At the Abu Dhabi Conference 2008, organised by the Middle East Economic Digest (Meed) here on Sunday, Lee L. Tabler, TDIC's chief executive officer, said: "The global capital markets have got to ease up a bit.
"Some of the projects way off into the future are being reprioritised."
He, however, declined to name specific projects. Asked if the "reprioritised" projects would be shelved or scrapped altogether, he said they would not.
Tabler said in January TDIC could invest as much as Dh40 billion in the development of Saadiyat island, higher than the Dh27 billion previously announced.
Sub-developers are expected to pump in another Dh60 billion, he said.
Tabler said on Sunday there are no financial constraints for those TDIC projects that are scheduled to come up over the next five years.
"We are comfortable for the next five years as far as the financing of the projects we announced previously are concerned," he said.He added that TDIC's two museum projects - Guggenheim and Louvre - are on track.
"The museum projects are top priority projects. We are going full speed ahead," said Tabler.
Tabler said TDIC's 1.3 kilometre bridge connecting Saadiyat island to Mina Zayed is now 85 per cent complete and it will be opened next year.
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