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Capital boom, Part II
While the rest of the world worries about sustenance, Abu Dhabi has big plans for expansion. Where do we begin? Part II of a series.
November 13, 2008 8:17 by kippreport
Like most cities in the neighborhood, a construction boom, mostly consisting of integrated infrastructure projects, has transformed Abu Dhabi’s landscape in recent years. The change has also brought on a sense momentum, mostly because of a clear strategy called Abu Dhabi Plan 2030 has provided a backbone for development. “The idea is to guide and shape upcoming public and private organizations to be consistent with a vision not only for the city but for rural settlements, natural and agricultural areas throughout the emirate,” said a statement from Abu Dhabi National Exhibition Center (ADNEC), the venue-development and business-management company. The center recently organized the “Contemporary Urbanism Forum” to highlight key industry-related topics, bringing together academics from leading universities under the banner of Abu Dhabi’s Urban Planning Council (UPC).
Riding a wave of unprecedented growth and expansion has, of course, benefited the city considerably. Some see this as a trend that can put Abu Dhabi in an elite rank. A research article in the Harvard Business Review in April of this year noted that, “companies should establish themselves in rising metropolises such as Beijing, Rio de Janeiro, Moscow and Abu Dhabi, where prices on the prime real estate will surely climb as demand outpaces availability.” The Review was not alone in endorsing the city’s construction activity. An EFG Hermes real estate sector flash note reports, “the strong pace and volume of sales activity reflects the positive sentiment directed towards the Abu Dhabi real estate sector, which is at an earlier stage of development with further room for growth.”