Abu Dhabi department plans 6 hotel projects in 2011

13/01/2011 - Dubai Property News
Abu Dhabi department plans 6 hotel projects in 2011

Posted by Neil King

An Abu Dhabi government department is planning six hotel projects across the emirate this year, it has been reported.

The UAE-based Tourism Development and Investment Co (TDIC), which is a unit of the Abu Dhabi Tourism Authority, said it would implement the projects in partnership with operators and developers, Dow Jones Newswires reported.

Translating an interview in the Abu Dhabi-based newspaper Al Ittihad, the newswire said that funding options for the projects were now being considered.

The cited interview was with TDIC chief executive Lee Tabler, who said that the group had provided funding for all its projects that are at the construction stage and would explore financing options for projects at the design stage.

According to Mr Tabler, TDIC's funding options primarily consist of bank loans, bonds or government loans.

The news comes after B6 Group, a leading food and beverage company in the UAE, recently announced a budget of AED 50 million for expansion projects in 2011.ADNFCR-2019-ID-800340375-ADNFCR