Plans for Prestigious UAE Projects in Full Flow
As the property sector started to slow across the UAE last year, there was an ‘air of gloom and doom’ as the future of many projects seemed uncertain in the face of high raw material and contractor costs. Far from being a threat, the slowdown has, in fact, brought an unexpected benefit with contractors reducing their costs by up to 30% and many more contractors now competing for the same opportunities.
One of the beneficiaries of this new market dynamic is The TDIC company from Abu Dhabi which is now able to forge ahead with its plans for the development of its prestigious Guggenheim and Louvre museums. There are a number of quality contractors lining up to bid for the landmark project. Rita Aoun, the TDIC’s Director for Culture, rightly points out that these kinds of cultural developments will help to boost both tourism to and investment in the UAE.
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