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Abu Dhabi National Hotels sees 51% Q1 profit drop

Abu Dhabi National Hotels sees 51% Q1 profit drop

Abu Dhabi National Hotels (ADNH) on Tuesday posted net profit of AED83m for the first quarter of 2011, a 51 percent drop on the same period last year. Despite showing a seven percent increase in operating revenues to AED481.6m, net profit of AED83m was less than half of the AED170m seen in Q1 2010.

TDIC to award Louvre Abu Dhabi contract by June

TDIC to award Louvre Abu Dhabi contract by June

Abu Dhabi’s Tourism Development and Investment Council (TDIC) has said it will award the main construction contract for its flagship project, The Louvre Abu Dhabi, before the end of June. The master developer originally planned to assign the main contractor for the Saadiyat Island project in June 2010, but has pushed back the contract award date at least three times.

Banyan Tree pulls out of Abu Dhabi resort project

Banyan Tree pulls out of Abu Dhabi resort project

Singapore-listed hotel operator Banyan Tree said on Wednesday it will no longer be managing a planned resort at the Eastern Mangroves development in Abu Dhabi. Luca Deplano, the company’s vice president of marketing, said the group has pulled out of plans to operate the Angsana-branded resort following disagreements between the owner and operator over how to develop the project.

Ritz-Carlton plans to double Middle East hotels by 2014

Ritz-Carlton plans to double Middle East hotels by 2014

Luxury hotel chain Ritz-Carlton plans to increase the number of properties it operates in the Middle East to 24 by 2014, its head of worldwide operations said Tuesday. The luxury hotelier is in talks with a number of developers for properties in Abu Dhabi and Oman and plans to use The Ritz-Carlton Riyadh as a springboard for expansion in Saudi Arabia.

Making an impact

Making an impact

Live communications agency Action Impact takes S&S on a tour through the award-winning Saadiyat Story exhibition, where some surprisingly low-tech installations sit side by side with cutting-edge technology to deliver a high-impact message. Abu Dhabi’s Saadiyat Island was essentially a blank canvas until the development of the Manarat al Saadiyat visitors centre. The ambitious project – to include a raft of residential, tourism, retail and recreational developments including local versions of the famed Louvre and Guggenheim Museum’s – is far from finished.

TDIC, Abu Dhabi Islamic Bank sign home financing deal

TDIC, Abu Dhabi Islamic Bank sign home financing deal

Tourism Development & Investment Co, a state-owned developer of hotels in Abu Dhabi, signed an agreement with Abu Dhabi Islamic Bank to provide home financing on Abu Dhabi’s Saadiyat Island. TDIC has signed mortgage agreements with numerous banks including Standard Chartered, Abu Dhabi Commercial Bank and National Bank of Abu Dhabi.