Steve Worrell, the director of Yas Island, which will host the Abu Dhabi Formula One Grand Prix in November, said Yas Mall was now expected to open in March 2012.

“The cost has become the driver, as opposed to schedule, and I think that’s the big difference,” said Mr Worrell. “We’re spending a little more time, and maybe some significant time, to drive the best value, to get the lowest price. The whole [economic] condition has changed.”

The developers would look at design tweaks such as air conditioning, lighting and finishing to reduce the budget by a third, but would not change the design significantly, he said.

One cost-cutting change to the shopping centre was replacement of the planned wavy roof design with a flatter one, Mr Worrell said.

Aldar was not changing the size of the circular mall or any other elements that would be noticeable to shoppers, he said. “I don’t think the consumer will see any difference at all. They wouldn’t have been familiar with the detail.”

He said there was a lot of pressure to reduce costs to ensure the project would be profitable. “You don’t want to build something that will cost more than you would ever expect to recover.”

Construction of the shopping centre, which will span 460,000 square metres of
leasable space over three floors, was about 10 per cent complete, said Mr Worrell. However, the design of the mall was 98 per cent finished, he said. Officials were in discussions with retailers about leasing units, but talks were still in the early stages.

As part of Abu Dhabi’s 2030 plan, the US$40 billion (Dh146.91bn) Yas Island development has been designated as the leisure hub of the capital. It will feature residential areas that will house about 120,000 people. There will also be seven hotels, including the five-star Yas Hotel, which will have about 2,250 rooms. The hotels are scheduled to open just in time for the Formula One grand prix in November.

Yas Mall will be connected to Ferrari World, an indoor and outdoor theme park that will feature a 70-metre “G-force tower”, twin roller-coasters that race each other, a go-karting area and an 18-screen theatre. The world’s first Ferrari theme park will not be ready by race day, but the red, 200,000 square metre structure housing the park will be in place. Future plans for the island also include a Warner Brothers theme park and a water park.

Mark Morris Jones, the senior director for retail and industrial property in the Middle East and North Africa with CB Richard Ellis, said cutting costs had become a necessary philosophy for most projects worldwide and Abu Dhabi was not exempt.

“You can’t isolate yourself from what’s happening to the rest of the world and the rest of the region,” he said.

While construction projects are pushing ahead in the emirate, and feedback from retailers has indicated that sales have been more resilient in Abu Dhabi than elsewhere, the push for expansion needed to slow down.

“Yes, Abu Dhabi is plodding along and is more recession-proof than others in the world at the moment,” said Mr Jones. “But the fact is that we are affected, just like the rest.”

(Published on http://www.thenational.ae on April 20. 2009)

Philip Gray, UAE Country Manager said, ‘The report gives an overview of the Abu Dhabi real estate market across residential, commercial, retail and hospitality sectors and comments on the Emirate’s outlook in light of the current economic conditions.’

‘The report concludes that Abu Dhabi’s real estate market is relatively well placed to weather the economic downturn, given that government-backed real estate organisations in the city are well funded and have the capacity to rationalise, phase or delay developments to mitigate oversupply risks. Furthermore, Abu Dhabi is performing well in comparison to regional and global counterparts across all asset classes,’ Gray added.

According to the report, Abu Dhabi’s office market is set to remain undersupplied for the next 3-5 years. Despite this, it has experienced a decline in both rental and sales prices in recent months and this trend is set to continue in 2009 before prices stabilise in 2010. However, the city’s office market is set to outperform its regional peers and will overtake Dubai to become the most expensive office location in the GCC by 2010.

Office rental rates in Abu Dhabi have declined from the highs of Dhs4,500 per sq m per annum, achieved in prime locations in 2008, to current annual rental rates of between Dhs 3,200 and Dhs3,000 per sq m per annum. The highest annual rental rates are currently being commanded by schemes on Corniche Street which average Dhs3,200 per sq m per annum, whilst rents on Khalifa and Hamdan Streets currently command an average of between Dhs2,850 and Dhs3,000 per sq m per annum.

Office sales prices in Abu Dhabi have declined from the highs of over Dhs2,300 per sq ft achieved in prime locations in 2008 to current rates of Dhs1,800 per sq ft. This is due to substantively reduced levels of liquidity combined with a decreased appetite for real estate as an investment class.

The report goes on to outline that the proportion of Grade A office stock will grow significantly in the Abu Dhabi metropolitan area as the forecast development pipeline is delivered to the market.

The majority of this new office space will come from master planned schemes such as Al Suwwah; Al Reem; Saadiyat Island and Al Raha Beach which will shrink the current undersupply of office space considerably over the next 3-5 years taking the GLA from 1.3 million sq m - as of Q1 2009 - to 2.7 million sq m GLA by 2014.

Martin Cooper, DTZ’s Head of Consulting and Research said, ‘Looking ahead, the key trends that will play out in Abu Dhabi’s office market include a flight to quality as new Grade A office space is delivered to market; the release of informal office stock (such as villas and apartments) back to the residential sector as occupiers trade up; and an increasing emphasis on car parking provision as parking restrictions come into force on the island.’

The residential market has experienced similar decline - despite a current undersupply of c. 44,000 residential units in the Abu Dhabi metropolitan area. DTZ predict that rental prices for apartments will decline slightly (up to 5%) in 2009, with a more marked decline for villas (up to 10%) as increasing volumes of stock are delivered through schemes such as Khalifa A, Al Reef and Mohammed Bin Zayed City.

Average rental prices for apartments in Abu Dhabi, as at Q1 2009, ranged between Dhs138,000 for a one-bed unit, Dhs198,000 for a 2 bed unit and Dhs252,000 for a three bed unit. Prime rental rates for apartments in areas such as the Corniche, and to a lesser degree the Tourist Club Area, stood at Dhs160,000 (one-bed); Dhs265,000 (two-bed) and Dhs330,000 (three-bed).

In Q1 2009, average villa rental rates stood at Dhs335,000 for a 3-bed unit, Dhs394,000 for a 4-bed unit and Dhs472,000 for a 5-bed unit. Prime locations such as Al Bateen, Al Manaseer and Al Khalidiya continue to command a premium, with 3-bed, 4-bed and 5-bed villas commanding annual rental prices at Dhs375,000, Dhs440,000 and Dhs535,000 respectively.

This decline is mirrored in the residential sales sector - where at the peak of the market - apartment sales prices in prime schemes averaged between Dhs2,400 and 2,800 per sq ft. Current prices for prime apartments in Abu Dhabi are between Dhs1,600 and 1,800 per sq ft, representing a 33% to 35% drop. Although estimates vary significantly (largely due to the widening gap between quoted and achieved prices), DTZ estimates that average quoting prices for apartments and villas in Abu Dhabi have reduced by 15% to 35% since their peak in 2008.

Villas sales prices on major master planned developments such as Khalifa City A have declined by 10% to 25% since their peak in 2008. Prices in Q1 2009 range between Dhs6.2m and 8.8m in prime areas such as Al Bateen, down to Dhs2.2m to 4.9m for lower priced product in Al Raha Gardens.

Commenting on the residential market, Cooper said, ‘Sales rates in Abu Dhabi’s residential sector were largely inflated by traders buying off plan and seeking to realise a return prior to the completion of the development and did not necessarily represent true occupier value. DTZ consider that sales prices in Abu Dhabi are now returning to more sustainable levels.’

As with the office and residential sectors, Abu Dhabi’s hospitality market has also been undersupplied and characterised by a lack of internationally branded hotels. This is set to change with the launch of c. 12,000 new hotels rooms over the next two years alone - rising to over c. 20,000 units by 2012.

Average room rates in Abu Dhabi have witnessed an increase of 54% from Dhs676 in 2007 to Dhs1,040 in 2008 which placed the Emirate 4th in the world rankings behind Moscow, Geneva and Dubai. Revenue per available room (Revpar) increased by 7.9% between 2007 (Dhs786) and 2008 (Dhs848) maintaining Abu Dhabi’s 4th place position in the global rankings.

Jan Boman, Director of DTZ Hospitality for the MENA region stated, ‘The effects of the global economic downturn will have an impact on performance and hotel operators will have to change their marketing strategies to sustain revenues. However, ongoing demand from the corporate sector, coupled with increasing visitor numbers attracted to major projects such as the F1 Circuit, the Guggenheim
Abu Dhabi Museum and the Louvre Abu Dhabi, means that the Emirate is relatively well placed to maintain its advantage over competing global cities.’

The retail sector will face similar challenges as a result of the economic downturn as anticipated consumer slowdown beings to impact on retail revenue. Essentially this will limit landlord’s ability to raise rates - despite the fact that Abu Dhabi’s retail market continues to be undersupplied compared to global and regional peers - when assessed from a Gross Lettable Area (GLA) per capita perspective.

However, this is expected to change in the medium term with a large number of retail malls currently under construction. These include developments such as Yas Mall, Dalma Mall, Central Market and Deerfields Town Square. This will add to the current retail mall GLA in Abu Dhabi of approximately 444,000 sq m, 60% of which is accounted for by just three shopping malls, namely the Marina Mall (27%), the Abu Dhabi Mall (17%) and the Al Wahda Mall (13%).

Average rents within the major malls vary significantly according to location, age and retail unit type. Average rents in the first quarter of 2009 ranged between Dhs3,000 and 4,500 per sq m per annum. Vacancy rates in the malls of Abu Dhabi have historically been very low and are often at 5% or less but are set to move out slightly in the future, particularly for new developments.

Andrew Goodwin, DTZ’s Head of Retail for the MENA region, summarised the challenges facing the Abu Dhabi retail market, ‘We expect to see the effects of the current market conditions impact on some of the more speculative retail developments in Abu Dhabi, as funding remains a challenge. Successful retail operators in Abu Dhabi will be determined by their ability to control costs whilst maintaining the quality of their retail offer. Neighbourhood malls targeting local communities and providing essential services are set to dominate their sectors and to perform well. Additionally, large malls such as Yas, with sufficient scale to provide diversity of offer are also set to suceeed.’

This report is the product of DTZ’s regional research team and is the third in a series of reports to be released by DTZ to focus specifically on the real estate market in the Middle East. Previous reports include Bahrain and Qatar. Other reports published by DTZ globally include the industry-renowned Money Into Property report, published annually and covering investment in real estate around the world.

DTZ is the most established firm of real estate advisers in the Middle East, with its first permanent operations beginning in 1975. Today, DTZ has a presence in six GCC locations (Abu Dhabi, Dubai, Bahrain, Kuwait, Qatar and Saudi Arabia). Each DTZ office provides a full range of real estate services staffed by qualified expatriates and experienced Nationals.

(Published on http://www.ameinfo.com on April 19 - 2009)

The Souk footfall announcement is a promising indicator and validation for the Qaryat Al Beri Resort Development Company, a joint venture between the Al Jaber Group and the Abu Dhabi Tourism Development and Investment Company.

Fatima Al Jaber, General Manager of Qaryat Al Beri Resort Development Company LLC, said:

‘The Souk at Qaryat Al Beri is well on its way to becoming the shopping, dining and entertainment destination of choice for families in and around Abu Dhabi and across the emirates. We are pleased that the Souk, a major component in the Qaryat Al Beri waterfront development, has resonated with so many people in a short amount of time.’

The Souk is quickly becoming a fixture in Abu Dhabi’s new communities of Khalifa City and Mohammed Bin Zayed City, offering quality, value and convenience within easy distance, Ms. Al Jaber added.

With its ground floor fully occupied by leading local, regional and international brands, the Souk is also completing its Phase 2 development on time. Recent additions to the Souk’s directory include popular restaurants such as The Meat Co., Noodle House, the Lebanese Abdul Wahab restaurant and Abela; fashion and luxury outlets Diamond Direct, Pure Gold, Damas and retailers La Perla, Bateel, La Moda and Gallery One.

Located between the Maqtaa and Musaffah bridges adjacent to the Shangri-La Hotel, the Souk Qaryat Al Beri includes 6,222 sq. m. of retail and F&B outlets, many featuring alfresco dining terraces overlooking the waterfront

(Published on http://www.ameinfo.com on March 30 - 2009)

Tiara is the first of its kind and adds to Silsila’s portfolio of international franchises that includes Biella Restaurant Café, Au Bouquet Romain (ABR), the unique Belgian gourmet restaurant and salon de thé, and Colombiano Coffeehouses.

Tiara’s flagship restaurant is located at the Marina Mall Tower, Burj Al Marina, and is lead by internationally renowned head chefs Joe Barza and Zak Hamdou. Joe hails from Lebanon and holds the prestigious title of Executive Chef at international restaurant chain ‘Chase’.

He also holds the title of World Champion of Tuna in 2006 and is the Head of delegation of the National selection teams for the world renowned ‘2009 Bocuse d’Or World Cuisine Contest’. Zak hails from the United Kingdom and used to work for the elite restaurant of ‘La Tante Claire’ in London under one of the top chefs of the world.

Chairman of Silsila Trading, Ahmed Mohamed Al Rumaithy, commented on the opening of their new establishment:

‘We are very excited to be sharing this vision of fine dining with the people of the UAE and are honoured to have our flagship restaurant here in the beautiful Burj Al Marina in the country’s capital of Abu Dhabi. This fusion of eastern and western cuisines fits perfectly with the regions culturally varied population and we hope to be opening many more chains of Tiara soon.’

As well as a unique menu and prestigious location, Tiara maintains its royal theme throughout the décor and ambience of the restaurant with rich colours and appealing adornments from start to finish. The service team have had the highest level of training to ensure that the whole experience at Tiara is truly a royal one.

(Publihed on http://www.ameinfo.com/188728.html on March 16 - 2009)

Charles Acworth, director research and head of commercial leasing for Aldar, described Abu Dhabi as becoming “the location of choice in the Middle East” for retailers in comments made to the first Cityscape Connect business breakfast.

As an example of the growth potential of the Abu Dhabi mall market, he said that at weekends up to 30 percent of vehicles in the car parks of two major malls in Dubai were from Abu Dhabi, adding he was “very, very confident” about the retail prospects for the UAE capital.

He was similarly upbeat about both the hotel and residential sectors.

Although some “reworking” was taking place there was still an undersupply of residential property for end user occupiers and he saw that need extending for five years or more.

More than 150 real estate and development experts took part in the business breakfast called to explore the challenges facing the market ahead of Cityscape Abu Dhabi taking place from April 19-22.

Rohan Marwaha, managing director of Cityscape, said: “The global economic crisis has cast a shadow over the real estate industry, changing market dynamics and growth prospects. This is the first of a series of business breakfasts designed to stimulate networking and transparency on the key issues.”

He said this year’s event was going to be 30 percent bigger than the 2008 show with a 48 percent increase in advance registration of visitors.

On the residential market, Gurit Singh, chief property development officer of Sorouh, predicted stability should return to the rental market in about a year, dependent on developers delivering new properties currently under construction.

Common challenges identified at the breakfast were the need to find finance for new developments and laws to cover both investors and developers.

(Published on http://www.arabianbusiness.com on 5th March 2009)

The store features around 2,600sq m of retail space, and a range of 19 boutiques, plus dedicated areas for a range of categories including liquor and tobacco; fragrances & cosmetics; sunglasses; watches; and food and confectionery, all run by DFS Group. A pharmacy (Boots), plus books (Relay’s regional debut), consumer technology (Sharaf) and gold (Pure Gold) stores complement the powerful core category line-up.

An impressively diverse food & beverage offer, run by SSP, is currently being finalised with a full opening expected in coming days. A smoking lounge, sponsored by British American Tobacco, will open shortly on the same level.

The Moodie Report today became the first media to view the new Terminal. In an exclusive and wide-ranging interview (which will appear in full in a dedicated T3 supplement with the next issue of The Moodie Report Digital Print Edition), ADAC Chairman Khalifa Mohamed Al Mazrouei told us: “I’m very proud of Terminal 3. I think it’s going to put Abu Dhabi as a whole into a new dimension in terms of airport terminals and in terms of the uniqueness of sophistication, luxury, and convenience.”

The terminal’s soft opening earlier this week is part of a phased process for the terminal, which is dedicated exclusively to national carrier Etihad Airways. The formal opening will take place next month (we’ll bring you a full Picture Gallery once the finishing touches are put to the stores and F&B offer).

The design of the terminal allows 100% penetration for all departing passengers who walk through the retail environment to get to the piers. First they encounter the boutiques before entering the traditional duty free area. Food & beverage is positioned upstairs, allowing panoramic views over the retail environment.

The stunning boutique line-up – described by ADAC Vice President of Commercial Revenues Dan Cappell as “a DFS Galleria in an airport” - features Jimmy Choo (the upscale footwear brand’s airport debut), Cartier, Hermès, Rolex, Coach, Polo Ralph Lauren, Ferragamo, Bvlgari (its new design), Burberry, Hugo Boss, Salvatore Ferragamo, Chloe, Loewe, Tag Heuer, Swarovski, Bally, Dunhill, Tumi and Montblanc.

Etihad’s superb Business and First Class lounges, both featuring elegant spa facilities, are another world-class highlight of the new terminal.

T3 also has a tremendous Sense of Place. A distinctive Arabic theme pervades the terminal, in the lighting, retail fascias and architectural design. “We mixed luxury with tradition and hope you will feel that,” said Khalifa Mohamed Al Mazrouei.

The connecting walkway for transit passengers from T1 underlines the strong emphasis on national culture. It features a magnificent array of giant photographs showing different aspects of culture, crafts, tastes, tradition, history, landscapes and religion.

“Basically you read about the history of Abu Dhabi on the walls of our airport – this is unique,” he said. “You are reading walls… you are reading history and culture and you are enriching your understanding. Through this I hope it gives you a Sense of Place that this is Abu Dhabi International Airport – and that it’s different.”

*Abu Dhabi 2030 Vision’s key principles include preserving the area’s delicate ecology, ensuring economic sustainability, enhancing transport links, increasing public open spaces and fostering Emirati culture.

(Published on http://www.moodiereport.com on 05/02/2009)

Located to the east of the island of Abu Dhabi, It is an excellent location at the intersection of several most rapidly developing areas in Abu Dhabi.

Dalma Mall is surrounded by established communities such as Banyas, Mafraq, Wathbah and Shahama,which are further added with new developments like the exciting Khalifa City A, Khalifa City B, Mohammed Bin Zayed City, Raha Beach, Raha Gardens, Officers City and Between the Bridges etc.

http://www.dalmamall.ae/index.html

(Published by http://blogs.antiskeptics.com on 25th Jan 2009)

DON’T be fooled by their mystery and modesty.

Those Muslim women covered head to toe in traditional black abayas are the ones jauntily swinging (genuine) designer handbags from their gold-adorned arms, the latest mobile phone attached to their ears, beautiful make-up around their eyes and, more likely than not, expensive modern attire under their voluminous robes.

Such is the contradiction of Abu Dhabi, on the Arabian Peninsula.

To me, the name Abu Dhabi conjured images of cobbled streets, dark souks, oceans of desert and a touch of mystery.

Well, I was right about the desert.

In reality, Abu Dhabi, the wealthiest of the seven United Arab Emirates (oil, and lots of it) and recently tagged the richest city in the world, is among the most modern, clean, safe, child-friendly cities in the world.

There’s not a cobblestone in sight, let alone a dark underbelly. Well, not one that tourists would see anyway.

In less than 50 years, the Arabesque landscape has shed its Bedouin past. Flapping tents and leggy camels have made way for sleek high-rise buildings and enormous airconditioned shopping malls.

And grass. And trees. Yes, fed by the most industrious desalinated irrigation system imaginable, those incredibly wealthy sheiks have greened the desert.

Date palms and olive trees line thousands of kilometres of highways right the way out to remote desert towns.

It is amazing (and indeed bizarre) to see the stark contrast between the barren landscape and an adjoining lush carpet of grass or other succulent groundcover.

But if the sheik wants a green countryside, the sheik gets a green countryside.

Raising the bar

It might appear that Abu Dhabi is following in the footsteps of its close neighbour Dubai (think palm-shaped islands, iconic sail-shaped hotel, Gold Coast glitz), but Abu Dhabi has raised the bar even higher.

It seems almost inconceivable that a city many people have never even heard of will be the future home of the first branch of France’s Louvre museum AND a Frank Gehry-designed Guggenheim Museum AND a futuristic Performing Arts Centre. (All due for completion in 2012 for about $US29 billion on nearby Saadiyat Island).

But in this country, the sky’s the limit. To infinity and beyond!

If it’s five-star indulgence you want, this is your dream destination. However, despite the luxury Western influences, there is still plenty to do to get the flavour of the Middle East.

Desert safari

A desert safari, for example. I thought this might entail a slow, hot ride on a smelly old camel. Wrong.

This desert safari – about 20 minutes drive from the city – involves strapping yourself in a brand new, airconditioned V8 LandCruiser and screaming over the sand dunes with a skilled Arab driver at the wheel dressed in traditional crisp white dishdash (full-length shirt-dress) and red and white checked gutra (head-dress). It’s like being on a theme park ride – we laughed and screamed and felt queasy.

Then on sunset, a few other late-model vehicles arrive out of nowhere and a hooded falcon appears on the gloved hand of another squeaky-clean Arab.

Falconry is a traditional sport in the UAE and a demonstration of their talent is romantically backlit by the sun setting over the orange dunes.

We pile back into the 4WD and head to a small desert camp for some curries, salads, hommus and rice, a chance to ride that old camel, watch some belly dancing and get our hands painted with henna.

Sheik Zayed Mosque

Another cultural must-do is a city drive with the delightful Ali Alsaloom.

This proud young Arab is one of few Emirati nationals who actually work (80 per cent of Abu Dhabi’s population comes from other countries such as India, Pakistan, Jordan, Asia, Europe etc). Most Emiratis are so wealthy they don’t need to work. But Ali revels in enlightening tourists and celebrities about the traditions and culture of his birthplace.

His tour of the breathtaking Sheik Zayed Mosque is as insightful as it is humbling. He demonstrates how Muslim devotees conduct their ablution five times a day before praying, and explains his Islamic faith to those who wish to know.

With or without Ali, the Sheik Zayed Mosque must be seen to be believed. Over a 10-year construction period, it has cost an estimated $US545 million so far (and the landscaping is still being completed).

All women must wear an abaya (long, loose black robe) and sheyla (headscarf) which is provided free at the entrance.

Wearing the traditional dress of the Arab women brings a mix of emotions. At first it is hot and the scarf is hard to keep in place. But then it has a strange liberating effect – you can be totally anonymous and quietly disappear into the crowd.

Sir Bani Yas Island

If you’ve got a few days to spend in Abu Dhabi, put a trip to Sir Bani Yas Island (part of the Anantara Desert Islands Resort and Spa) on your itinerary.

The island, once the exclusive domain of the sheik and his family, has been opened to the public with a plush new resort at the opposite end to the royal family’s palace.

The sheik’s private wildlife sanctuary which includes endangered Arabian oryx, barbary sheep, blackbuck, gazelle, flamingo, giraffes, some hyena and some soon-to-be-delivered cheetah is now open to guests.

As well as a spa, a gym, three restaurants, two bars, you can kayak in the mangroves, snorkel, ride a bicycle, or simply relax by the beautiful pool, gazing out at the faraway tankers lining up in the Arabian Gulf. Ah oil!

Sir Bani Yas Island is a 250km drive west of Abu Dhabi, through a lunar-type landscape, then a 15-minute ferry ride, and another 15-minute bus ride to the resort, which was once the sheik’s guesthouse.

Empire Aviation has just launched 50-minute flights between Abu Dhabi and Sir Bani Yas Island every Thursday and Saturday with more flights soon.

Still have time on your hands?

A day trip to the large, historic oasis town of Al Ain, an hour’s drive from Abu Dhabi city is another option. There’s a camel market (best in the morning), a museum, and an incredible view from atop the mountain Jebel Hafeet (which houses another palace and the Mercure Grand Hotel where a delicious Arabic buffet lunch can be consumed.)

Uber-luxury

And the hotels? Among the finest are the lavish Emirates Palace and the Shangri-La. The $US3 billion landmark Emirates Palace is unashamedly uber-luxury. The hotel, 1km from wing-to-wing, where the Arabian royal family and their guests also stay, proudly lords it over the rest of the city.

There are sweeping staircases, domed ceilings, more than 1000 chandeliers, a ballroom, lounges, exclusive shops, restaurants and bars. Its swimming pool rivals South Bank and it has 1.3km of private beach frontage, plus tennis courts, gym, spa . . . you name it.

Where else would they promote the fact that 5kg of pure edible gold is used a year for decoration on desserts!

If you want a smorgasbord to blow your diet, go to the Shangri-La Hotel. Treat yourself to a range of exquisite local and international dishes in an upmarket setting, decadent desserts that include melt-in-your-mouth turkish delight and fountains of chocolate that are irresistible.

The hotel has spectacular views of the domes and minarets of the fabulous Sheikh Zayed mosque.

The writer flew Etihad Airlines to Abu Dhabi as a guest of Abu Dhabi Tourism.

Published by Sandra Killen January 23, 2009 11:00pm on http://www.news.com.au)

Leading retailers, property developers and investors attending MAPIC, one of the world’s major retail real estate events, will have a closer look at Aldar’s “Yas Mall”, a Super Regional facility which will provide in excess of 700 retail and catering units including four major department stores and six hotels.

The Super Regional Yas Mall will serve not only the local and regional markets but also the millions of tourists visiting Yas Island’s host of tourist and leisure attractions, including the world’s first Ferrari Theme Park, a water park and the 2009 Formula 1 Yas Marina Circuit which will host the Etihad Airways Abu Dhabi Grand Prix in November 2009

“The Mall will serve one of the most affluent populations in the world, with Abu Dhabi already ranking among the world’s top list in terms of GDP per capita. The capital’s local population is expected to increase by 40 % in the next five years. By then, Abu Dhabi hopes to draw some 2.7 million tourists. Yas Mall , on account of its strategic location will be best placed to serve both the national and international customer,”

comments Mohammed Al Mubarak, Aldar’s Chief Commercial Officer

The Yas Mall will feature a fantastic line up of brand name stores from around the world, along with the world’s most dazzling video and water displays. It will be the focal point for the community playing host to a variety of tastes and budgets, special events, exclusive exhibitions and cinema premieres.

Comments Philip Vaughan, Director of Retail Development, Aldar Properties:

“MAPIC is a great opportunity to reveal details of Aldar Super Regional Yas Mall. We are also keen to show investors and industry leaders the progress across our entire retail portfolio. On completion in 2011, the Mall’s retail area will amount to some 460,000 m2 and together with the adjoining theme parks will total a massive 780,000 m2 of retail and leisure.”

Yas Mall will be directly connected to the themed attractions on the Yas Island, including the Ferrari World Abu Dhabi theme park and the water park. There will be high level dining terraces and garden areas as well as a lush interior environment and beautiful water features, all contained under the one spectacular roof.

The design of Yas Mall has been inspired from the best retail destinations in the world to create something unique and inspiring to visitors. Extra emphasis has been applied to create a uniquely positive customer experience, through accessibility and tenant mix.

“Our participation in MAPIC is expected to encourage greater international retail investments in Abu Dhabi, and defines Yas Mall as one of the world’s largest lifestyle, shopping and entertainment destinations”

added Vaughan.

MAPIC on it’s 14th edition, will have over 2,300 retail developers from 71 countries, and more than 1,050 exhibitors with a comprehensive range of retail real estate projects, that will offer an incomparable perspective of the sector.

(Published on November 19, 2008 by UAERush on http://www.uaerush.com)