Thursday, September 04, 2008

Leading Abu Dhabi developer looks to the US to expand investment relations portfolio

Original Article

Tourism Development & Investment Company (TDIC), the master developer of major tourism and cultural destinations in the emirate of Abu Dhabi, is looking to drive institutional investor awareness at the 2008 Cityscape USA Conference and Exhibition.

Cityscape USA is a two-day networking exhibit and three-day conference that attracts the world's top institutional investors, real estate developers, governmental and developmental authorities, leading architects, and other senior professionals in the real estate industry. The event, which will take place at the Jacob Javits Center in New York City on 9-12 September, will mark TDIC's first venture into the US market

TDIC, the name behind the Saadiyat Island Cultural District destination, which is projected to be the world's largest single concentration of premier cultural institutions including the Guggenheim Abu Dhabi Museum, will be looking to spark American investment interests.

"We currently have strong investor response from the local market in Abu Dhabi and believe the time is now right to take our compelling propositions onto the world stage," said Lee Tabler, Chief Executive Officer of TDIC. "We are looking to open up an intercontinental dialogue which will put our expanding portfolio of tourism and urban renewal projects at the forefront of institutional investor planning."

Launched less than three years ago, TDIC is currently planning, or developing, no less than 80 projects throughout Abu Dhabi - the largest of the seven emirates that make up the United Arab Emirates (UAE). Abu Dhabi city is the country's capital and the seat of federal government.

"Abu Dhabi is committed to evolving into an international destination of distinction. The emirate has huge natural assets which can assist in this aim, including 200 natural islands and 700 kilometres of shoreline," said Tabler. "It is a greatly anticipated destination where progress is being achieved in a measured manner, guided by strong underlying principles of cultural and environmental respect that are reflected throughout TDIC developments."

Over the past two years, Abu Dhabi has earned a string of international accolades, which have set it apart from other emerging destinations. The UAE capital was recently named 'A World Winning City In The Making' in the 2008 Jones Lang LaSalle 'Emerging World Class Cities' report while Saadiyat Island was named on of the world's 'Top Ten Emerging Trendy Destinations' in a Wall Street Journal poll of international travel scouts. In a report on real estate within the Arabian Gulf, investment bank Morgan Stanley recently predicted prices in Abu Dhabi would rise by 25% by 2010.

"Abu Dhabi can make a convincing case for institutional investors because it has long-term economic sustainability, is pursuing well-thought-out infrastructure investment and has clear government direction and strong governance," said Tabler.

"We believe we will leave New York having piqued considerable interest among our target audience and with the foundations of an ongoing dialogue that we will actively pursue moving forward."

TDIC officials will be on hand at Cityscape New York to meet potential investors, developers, professional service industry executives and members of the media during the Exhibition on 10-11 September.

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