X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ABU DHABI-Aldar Properties has unveiled plans for a $40-billion island off the coast of Abu Dhabi. The island will host a leisure complex including a Ferrari theme park. The 2,500 ha island, known as Yas, is slated to be completed in 2014. Yas Island will feature tourist attractions including beaches, marinas, entertainment, shopping, hotels, residences, golfing, equestrian facilities and motor racing, project developers Aldar Properties officials said in a statement.

In October Aldar, the third-largest Gulf Arab developer by market value, said it planned to borrow as much as US $4 billion to fund such projects. The property development, management and investment company, founded in 2004, is owned by the Abu Dhabi local government and private shareholders. The firm has several development projects in the works, including the construction of a new Abu Dhabi city district, with an estimated cost of $14.7 billion.

The UAE capital has launched a series of real estate and other ventures with projected investments of $300 billion in an attempt to rival neighboring Dubai, which is becoming a regional business and tourism hub. Developers are already building three palm-frond shaped islands and an archipelago off the coast of Dubai.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.