AIMING to develop Abu Dhabi as an international tourism destination, the Tourism Authority has unveiled a new public joint stock company for developing the emirate`s real estate assets and its flagship Saadiyat Island project.
The project, which will transform the 27 sq km natural island into an international tourism destination, is also expected to attract huge investments.
The Tourism Development & Investment Company, which will oversee Saadiyat`s mixed-use development, will operate along strictly commercial lines, selling land to private investors who will then develop their plots in accordance with the masterplan, supporting planning regulations and design guidelines to create a new tourism environment.
"Saadiyat`s development will heighten awareness of Abu Dhabi`s plans for economic diversification and will reinforce the perception of the capital city as a regional, and international, business and tourism hub," Sheikh Mohammed Bin Zayed AI Nahyan, Crown Prince of Abu Dhabi, said.
He said Saadiyat was a symbol of Abu Dhabi`s "renewed economic openness and a signal to the world that this Emirate is very much open for partnerships and business on an international scale".
Saadiyat`s transformation is a key proposition in the government`s strategy of increasing tourism to the emirate by almost 11.3 per cent a year.
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