Media ININ Economy We Trust
25-04-2019 Media in\ Abu Dhabi
The National Corporation for Tourism and Hotels has announced the launch of two new projects in Abu Dhabi, with the launch of a state-of-the-art residential and hotel project, approved by the Board of Directors under the leadership of His Highness Sheikh Hamdan Bin Mubarak Al Nahyan.
H.E. Sheikh Hamdan bin Mubarak Al Nahyan said that the economy of the UAE is one of the most important economies in the region and the most stable and that the tourism sector and community development are among the priorities of our leadership.
The two projects are designed to meet the renewed and diverse demand in the business tourism and services sector in line with the Plan 2021 and Abu Dhabi 2030 by meeting international demands to meet the renewed demand for the hotel and serviced apartments sector in line with the vision of the UAE to build a renewed society, .
The two projects fall within the framework of the plan of the National Corporation for Tourism and Hotels to expand the hotel service apartments in Abu Dhabi within three years and meet the aspirations of the UAE capital to strengthen its position as a major destination for business tourism and family and cultural tourism in the Middle East and North Africa, as well as the commitment of the Foundation Abu Dhabi strategic plans that will be careful to prepare for future requirements.
The first project, Capital Views, is located in the heart of the new exhibition area, close to the Abu Dhabi National Exhibition Center. The investment value for the project is AED 700 million.
The project is the result of joint cooperation between the National Corporation for Tourism and Hotels and Sino Gulf, and is due to be completed in the last quarter of 2021.
The project will include one, two and three bedroom apartments in a larger portfolio of 319 apartments and 323 serviced apartments.
The second Inter-Continental Grand Marina Residence will be located in the Al Bateen area and will feature 130 luxury hotel apartments ranging from studios, one to two bedroom and three bedroom apartments with sea and private beach views within walking distance of the marina.
The investment in the project is worth AED 400 million with expectations of completion of the ongoing construction work and the opening of the project in early 2021.
The National Tourism and Hotels Corporation estimates that Ritz-Carlton Saadiyat Island will be operational by the end of 2019 or the beginning of 2020.
