Abu Dhabi: Raising Capital
With the Yas Mall, Deerfields Town Square, The Lourve Museum in the news these past few days, Kipp can't help but feel we are back in 2010.
March 26, 2012 3:44 by kippreport
Remember 2010? Those glorious deal-revealing days for Abu Dhabi. In 2010 Abu Dhabi launched a tender for contracts for the Lourve Abu Dhabi and the Guggenheim Museum to be built in the capital. Two years later, the contracts have yet to be awarded. Although, that is set to change: The Tourism Development and Investment Company (TDIC) has started inviting contractors to submit fresh bids for the very delayed Louvre. The UAE and France signed a deal for The Lourve Abu Dhabi well over five years ago, but TDIC says it expects the museum to be open in 2015-with the contract to be awarded in the fourth quarter of this year.
And how could we forget to mention, the much awaited, much scaled down malls on Yas Island? The National did a special report on the two malls all set to open on Yas Island over the next two years: Yas Mall and Deerfields Town Square. The two malls are ‘next door’ from each other, and are said to have leased more than 50 percent of their stores. Though the cynics, cough Kipp, may be quick to judge the feasibility of opening two malls so close to each others the experts have a different view of things. David Macadam, the head of retail at Jones Lang LaSalle, said that though there will be significant competition, there is a need for a ‘community mall’: “I’m sure there will be some [drawing off of customers]. But Yas has its own target, which is tourist buyers.”
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