Last year, Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed approved of a three-year stimulus package to the tune of AED 50 billion ($13.6 billion) to boost the Emirate's economic development. Since then, the increase in infrastructure spending has been one of the prime catalysts for growth in the UAE. The cosmopolitan capital of the UAE will now add two more developments in response to increased market demand for corporate and leisure tourism offerings.
Developed by the National Corporation for Tourism & Hotels (NCT&H) as part of its three-year goal to expand hotel and resort propositions in Abu Dhabi, the two new developments "Capital Views" and “Intercontinental Grand Marina Residences” approved by NCT&H Chairman Sheikh Hamdan bin Mubarak Al Nahyan stay true to the Emirate's plans of Abu Dhabi 2030 and Ghadan 2021.
“I strongly believe in the Abu Dhabi and the UAE economy. Community and tourism development is a key aspiration of the UAE and Abu Dhabi Governments and these residential and leisure projects will respond to both local and international market demands. Thus NCT&H continues to deliver the UAE’s vision of a happy, confident and efficient society by way of modern infrastructure,” said Sheikh Hamdan bin Mubarak Al Nahyan, Chairman of NCT&H.
Modern tourism and residential offerings
Abu Dhabi aims to soon become the business travel and sustainable tourism destination of choice in the Middle East and North Africa (MENA) region. In fact, Abu Dhabi's Department of Culture and Tourism will be promoting the Emirate's theme parks, cultural attractions, shopping experiences as well as top-notch hotels at the Arabian Travel Market (ATM 2019) to be held from April 28 to May 1 in Dubai … and yet, there are a number of projects still in the pipeline. NCT&H anticipates that it will start its Ritz-Carlton Saadiyat Island project by end of this year, 2019, or in early 2020.
The two new developments “Capital Views” and “Intercontinental Grand Marina Residences” are expected to have a modern and urban feel, where residents and guests will have full access to luxury facilities including all-day dining restaurants, pools, and gyms. “Capital Views” residents will have a running track, whereas “Intercontinental Grand Marina Residences” guests will have access to an exclusive beach and yacht marina.
The first development, “Capital Views”, situated in the heart of the business and exhibition area of the new Abu Dhabi National Exhibition Centre (ADNEC) area, has an estimated budget investment cost of AED 700 million, including land. The project is a joint venture between NCT&H and SinoGulf and will be ready in the last quarter of 2021. It will comprise of one, two, and three-bedroom residences under the larger umbrella of 319 residential apartments, alongside 323 serviced apartments.
The second development, “Intercontinental Grand Marina Residences” situated in Al Bateen, will offer luxury serviced apartments ranging from studios to three-bedrooms, totaling 130 hotel apartments, with beautiful sea views, an exclusive private beach and within short walking distance to the marina. With an estimated budget investment cost of AED 400 million and the ongoing construction on-site, the project is due to open in the beginning of 2021.