ABU DHABI’S recent affirmation of its major projects has been a credit-positive move for Tourism Development & Investment Company (TDIC). Abu Dhabi’s executive council affirmed a number of projects under the umbrella of the emirate’s Strategic Plan 2030. Among the projects are those of the Tourism Development & Investment Company (TDIC), rated A1/stable, said ratings agency Moodys in a statement.
The affirmation of these projects and their budgets by Abu Dhabi, largely consisting of cultural assets and the construction of landmark museums, is bolstering TDIC’s credit profile.
TTN speaks to Ahmed Al Fahim, executive director, marketing, communications, sales and leasing for TDIC, to get an update on the company’s progress into 2012 and beyond.
2011 has seen several new hotel openings for TDIC. Can we expect to see this trend into 2012? What hotels are expected to open this year?
2011 was an exceptional year for TDIC, during which the company delivered prestigious tourism projects on Saadiyat including the Monte-Carlo Beach Club, Saadiyat in September and The St Regis Saadiyat Island Resort in December. In Abu Dhabi city in November, we opened The Westin Abu Dhabi Golf Resort & Spa, which represents the hospitality heart of the Abu Dhabi Golf Resort, while featuring stunning views of the famous golf course.
The trend continues into 2012 when we open tourism projects in the Western Region and Abu Dhabi city. On Sir Bani Yas Island, a 87 sq km nature reserve which is part of Desert Islands and home to the Desert Islands Resort & Spa by Anantara, a number of new hospitality projects are set to be delivered that will contribute to the promotion of tourism in the Western Region of Abu Dhabi. These include Sir Bani Yas Stables and Desert Islands Conference Centre and Desert Islands Watersports Centre.
In Abu Dhabi city, the Eastern Mangroves Hotel & Spa by Anantara will open, consisting of an integrated hotel, marina, retail and residential space. This new leisure hotspot occupies a prime position along a 1.2-km stretch of Abu Dhabi’s protected eastern mangrove district, and is only 15 minutes from Abu Dhabi International Airport. Eastern Mangroves consists of the five-star Eastern Mangroves Hotel & Spa, eight residential apartment buildings of varying designs, and a vibrant promenade/marina, which features retail outlets and restaurants. The luxury five-star hotel by Anantara will feature 222 rooms and suites across five levels, with a range of other facilities, including restaurants, lounges, terrace, swimming pool, state-of-the-art conference facilities, and parking for 1,000 cars.
With so many hotel openings across the emirate, are there concerns of oversupply in the Abu Dhabi market?
TDIC was mandated by the government of Abu Dhabi to support in strategically identifying the emirate’s tourism needs and carefully develop projects that are diverse and unique. Therefore, each of the company’s projects appeals to a different type of hotel guest and taps into various tourism markets, minimising the threat of oversupply.
For those searching for a beach holiday, Saadiyat offers The St Regis Saadiyat Island Resort – a 377-room hotel that is set on one of the UAE’s most pristine stretches of coast. Park Hyatt Hotel Abu Dhabi by Abu Dhabi National Hotels (ADNH) is also located here and caters to visitors searching for a luxury escape. Golfers are also catered for on Saadiyat by the Gary Player-designed Saadiyat Beach Golf Club, which is in close proximity to the island’s hotels. The Monte-Carlo Beach Club, Saadiyat will draw guests who are in search of the very best in luxury and service.
In the future, Saadiyat will also be home to the Saadiyat Cultural District, which will feature renowned cultural institutions designed by Pritzker Prize winning architects, and will draw cultural tourism to the emirate. These museums include the Zayed National Museum (opening in 2016), Louvre Abu Dhabi (opening in 2015) and Guggenheim Abu Dhabi (opening in 2017).
And within the city, we have delivered a number of hotels, including the Westin Abu Dhabi Golf Resort and Spa, which appeals to guests who are looking to do business in the emirate while capitalising on the hotel’s leisure draw of being adjacent to the Abu Dhabi Golf Club. The Rocco Forte Hotel Abu Dhabi is strategically located in the heart of the city, making it the perfect choice for business visitors.
In the Western Region, we will be opening the Sir Bani Yas Stables in Q1 and the Desert Islands Watersports Centre and Desert Islands Conference Centre in Q2, which will further enhance the activities that are on offer to guests.
TDIC had announced a budget cut in 2011. Are there plans to delay or cancel any projects?
TDIC continuously monitors the delivery of its projects to ensure they remain on schedule, within budget and that TDIC’s high standards are upheld throughout the process. We are moving forward with our announced projects.
Besides hotel development, what’s high on your agenda for TDIC?
Besides hotel development, TDIC has been focusing on the delivery of various residential components on Saadiyat. In March 2011, the first phase of Saadiyat Beach Villas was launched. In May 2011 marked the launch of The Residences at The St Regis Saadiyat Island Resort which is a prestigious collection of 32 exclusive villas and 259 apartments; the launch of phase one of the St Regis Apartments in November 2011 included the release of 75 apartments, which were fully leased in just over a month, with the first tenants having already moved in.
The company also launched the second phase of Saadiyat Beach Villas in November 2011, which consists of 90 properties that will be delivered from the beginning of Q4 of 2012.
Following the successful leasing of the first phase of St Regis Apartments, an additional 60 St Regis-branded apartments are now available for lease and will be accessible for tenants to move into from March 2012. Due to the large interest for four & five bedroom units, we decided to release a limited number of 12 St Regis villas from the exclusive 32 villas for leasing purposes, and which will be ready for tenants to move into starting March 1, 2012.
Moreover, TDIC is looking forward to the delivery of the Eastern Mangroves Hotel & Spa in Abu Dhabi city in 2012. The development features residential properties with stunning views over the mangroves, as well as private pools, gyms, corniche facing terraces and secure car parking for residents. The apartments will be delivered gradually in a phases, starting from the first phase consisting of 50 apartments out of 220 apartments. Apartments will be released to the public for leasing in phases starting with the first phase in Q2 2012.
What is the update on the delayed museum projects by TDIC? What kind of impact will it have on the delivery timeline?
In January 2012, TDIC announced the new opening dates for the museums of the Saadiyat Cultural District: Louvre Abu Dhabi in 2015, Zayed National Museum in 2016 and Guggenheim Abu Dhabi in 2017. We confirmed that these institutions are strategic components of the Abu Dhabi Government’s vision for the Emirate and this timeline has been finalised in close coordination with its partners and advisors, Agence France Muséums, The British Museum, and the Solomon R. Guggenheim Foundation. The statement came in reference to a recent announcement by the Abu Dhabi Executive Council, which stated that the museums of the Saadiyat Cultural District will help to establish Abu Dhabi as one the world’s leading tourism and cultural destinations, and will encourage communication between different cultures.