Abu Dhabi: Tourism Development and Investment Company (TDIC), which manages the development of real estate assets held by the Abu Dhabi government, 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, said Lee L. Tabler, TDIC's chief executive officer.
"The total estimated cost of developing Saadiyat island is Dh100 billion. So far, TDIC, since its inception two years ago, has invested Dh7 billion in Saadiyat and other projects," Tabler told Gulf News.
"We have resort projects, hotel projects, golf courses, some redevelopment projects and several joint ventures in which the investments would be made."
He said the cost of building the Saadiyat infrastructure and bridge alone was Dh5 billion.
The proposed developments on Saadiyat include a cultural district, hotel projects on the north beach, another golf course and construction of as many as 5,000 residential units, which will be completed the first phase of the development.
Four museums are also proposed, first of which is expected to be ready by 2012.
"Some of the projects are already under construction, some are in the planning phase, while some will soon to be under construction," said Tabler.
An island sanctuary off the coast of Abu Dhabi, Saadiyat is the emirate's flagship development.
Lying to the north east of Abu Dhabi city, it occupies an area of 27 square kilometres. The entire project is due for completion by 2018 and is created around an eco-sensitive philosophy with a special low density master plan.
A premier island destination as well as a modern, integrated residential community, Saadiyat will eventually be home to an estimated 150,000 residents with a full complement of leisure and tourism facilities, as well as civic and cultural amenities.
Saadiyat will be linked to Abu Dhabi city via two iconic causeways, one of which will operate a light rail system and a 10-kilometre long highway with bridge, making it a mere five minute drive from the heart of downtown Abu Dhabi and close distance to Abu Dhabi International Airport.
Saadiyat will be developed around seven distinctive districts with 29 hotels - including a seven-star property and three marinas with moorings for 1,000 yachts. As well, there will be a 19-kilometre beachfront.
Asked, if TDIC has plans to have a hotel brand of its own, Tabler said: "Abu Dhabi has its own hotel brands like Rotana and Danat. We don't have a plan to create our own hotel brand at this point."
