Abu Dhabi to award contract for branch of Louvre

Abu Dhabi to award contract for branch of Louvre

The source declined to name the contractor, but said the award was expected to be announced on Tuesday.

January 9, 2013 8:00 by Reuters

Abu Dhabi’s Tourism Development Investment Co (TDIC) is about to award the main contract, worth over 2 billion dirhams ($545 million), to build a branch of France’s Louvre museum in the emirate, a source familiar with the plan told Reuters.

“The contractor has been selected. The contract is over 2 billion dirhams,” the source told Reuters late on Monday, asking not to be named as the matter has not yet been made public.

The source declined to name the contractor, but said the award was expected to be announced on Tuesday.

State-owned TDIC obtained approval from the emirate’s executive council last year to proceed with building three iconic museums; the other two are the Guggenheim and the Zayed National Museum.

The plans are a major part of Abu Dhabi’s drive to develop itself as a top tourism destination and diversify its economy beyond oil.

The museums are among a number of projects that were postponed as the wealthy emirate reviewed its economic condition last year in the wake of the global financial crisis; following the review, some projects are proceeding once again, but at a more conservative pace.

The Louvre is now due to be completed in 2015, the Guggenheim in 2017 and the Zayed National Museum in 2016. Originally, they were to be built between 2013 and 2014. (Reporting by Stanley Carvalho; Editing by Andrew Torchia)