TDIC targets investments for Saadiyat Island project

By Lucy Barnard  www.thenational.ae

Tourism Development and Investment Company (TDIC), the flagship developer of cultural and residential projects in Abu Dhabi, is hoping to sell parcels of land on its flagship Saadiyat Island project to foreign sovereign wealth funds.

TDIC has been working on plans to develop the prestigious Saadiyat Island scheme since its inception in 2006. Lee Hoagland / The National

TDIC has been working on plans to develop the prestigious Saadiyat Island scheme since its inception in 2006. Lee Hoagland / The National

The government-owned developer building Abu Dhabi’s much anticipated cultural district told The National that it was in discussions with overseas funds to invest in land at its 27 square kilometre island, which lies 500 metres off the coast of Abu Dhabi.

“We are talking to sovereign funds for them to come and invest in Saadiyat. I can’t say which funds yet and it is at an early stage but we are talking with them about buying plots of land on Saadiyat,” Ahmed Al Fahim, the executive director of sales and leasing, said at the Cityscape Global exhibition in Dubai this week.

“They would be sovereign funds.”

TDIC has been working on plans to develop the prestigious Saadiyat Island scheme since its inception in 2006. Ambitious plans for the island include branches of the Louvre and Guggenheim museums, a campus for New York University and homes for 145,000 residents. More info

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