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TDIC to Build Affordable Accommodation for Abu Dhabi Hotel Employees

October 08, 2009
Country: UAE
Client(s): TDIC

Tourism Development and Investment Company (TDIC), a master developer of cultural, residential and tourism destinations in Abu Dhabi, today announced it has commenced work on ‘Deyar Al Mafraq’ hotel staff accommodation development in the UAE capital.

The new development, which will open in phases starting from 2011, is the first in Abu Dhabi to have been specifically designed to provide accommodation options for all levels of employees working in the hospitality sector - from top management to junior level staff.

With the substantial growth of hotels in Abu Dhabi due to increasing visitor demand, the designated accommodation facilities will provide affordable and quality housing options which will be comprised of individual and family accommodation. The facilities will have a capacity to house more than 35,000 people who mainly work in the hospitality industry and their family members who reside in the UAE.

“Deyar Al Mafraq is an integral development in TDIC’s diverse project portfolio,” commented Lee Tabler, CEO of TDIC. “The new facility is an ideal solution to the increasing demand of residential properties in Abu Dhabi. It will offer more opportunities within the local hotel industry, as well as ease the pressure on hotel management chains that are dedicated to managing their operations.”
The site for the development is located in Al Mafraq area of the city. TDIC will remain the master developer for the area and specific plots will be available to various hotel owners to manage the accommodation of their staff, as part of the master plan, which has been finalised and approved by the Urban Planning Council.

While TDIC is developing the first phase which includes two plots, it will also lease out the remaining plots to investors from the private sector who will offer robust investment opportunities within the Deyar Al Mafraq project. The development comprises a total area of 712,000 square metres, with a total gross floor area of 1,670,000 square metres.

The master plan for the development has been designed in response to the Abu Dhabi Urban Plan 2030 by providing necessary public facilities, infrastructure services and road access. It has also been designed with a commitment to the implementation of sustainable principles which enhances the environmental, economic and social performance of the development.

Company Information
About Tourism Development & Investment Company (TDIC):-

Tourism Development & Investment Company (TDIC) is a master developer of major tourism destinations in Abu Dhabi, the largest of the seven emirates, which make up the United Arab Emirates, and a key contributor to its economic and cultural progress.

TDIC is behind some of Abu Dhabi’s most prestigious projects including two major destinations - Saadiyat Island, which will house the world's largest single concentration of premier cultural institutions including the Zayed National Museum, the Guggenheim Abu Dhabi Museum, the Louvre Abu Dhabi, a performing arts centre and maritime museum, and Desert Islands which will be one of the world’s largest environmentally sustainable tourism destinations.

By creating investment partnerships and joint ventures, TDIC’s developments are helping to support Abu Dhabi’s evolution as a world class destination for tourists, businesses and residents and helping to realise the emirate’s considerable tourism potential and strategic goal of delivering 2.7 million hotel guests a year by 2012.

The company has been awarded high investment grade ratings of Aa2, AA, and AA by three top credit rating agencies, Moody’s, Standard & Poor and Fitch. These ratings reflect TDIC’s strong financial position and support the company’s credit worthiness to investors, lenders and other market participants. In the same year TDIC also launched a US$ 1 billion bond, which represented the inaugural issuance under the US$ 3 billion Global Medium Term Note (GMTN) programme. The proceeds of the bond sales will be used for general corporate funding purposes.

Established in April 2006, TDIC has built a strong reputation among international industry players for its compelling value proposition, transparency of business approach and ability to deliver. Locally, TDIC offers significant employment and vocational training opportunities for Emiratis keen to enhance their careers and professional qualifications.

Contact Information
Contact name : Zeina Abdalla
Telephone No. : (050) 768 7970
Email : Zeina.Abdalla@hillandknowlton.com




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