TDIC forms joint venture with Gulf Leighton

Dubai: Tourism Development and Investment Company (TDIC), the Abu Dhabi government's tourism development arm, on Thursday said it has formed a 51:49 per cent joint venture with Gulf Leighton, the regional subsidiary of Leighton International, Australia's leading contracting and engineering company.

"TDIC owns 51 per cent of the new venture - TDIC-Leighton Contracting - which has been formed to undertake various contracts for TDIC developments, including the 6.5 kilometre Saadiyat Link road," a statement said.

The link road will connect Abu Dhabi's Shahama district to Saadiyat Island, which is being developed into a signature leisure, cultural and residential destination, as well as the Eastern Mangroves Hotel and the new TDIC headquarters being built adjacent to Maqta Bridge - Abu Dhabi city's main gateway.

The agreement is expected to generate annual revenue of $270 million in the first year and $1.4 billion in the fifth year.

Lee Tabler, CEO, TDIC, said: "While Gulf Leighton will bid for additional TDIC contracts, it will be judged on a purely professional and commercial basis in a transparent and competitive process.

Long-term commitment

"Leighton International has repeatedly demonstrated long-term commitment to Abu Dhabi and the wider region in terms of investment - a factor which weighed heavily in its favour when selecting a joint venture partner."

TDIC is a public joint stock company established in 2005 to manage the tourism investment zones of the Abu Dhabi Tourism Authority (ADTA), which directs and implements strategy for the expansion of the emirate's tourism sector.

TDIC will develop the real estate assets that support ADTA's mission of assisting UAE economic diversification through tourism development.

David Savage, managing director of Leighton International, said: "We are delighted that TDIC has selected us as its partner for its exciting development programme."