Derived from the Arabic word which means “father of gazelle”, Abu Dhabi is the federal capital of the United Arab Emirates, and largest among the seven Emirates. It is one of world’s largest producers of oil, but actively diversifying on financial services and tourism. It was also one of the world’s best pearling destinations until oil exploration began.
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Its land surface of 67,340 sq. km. makes up to 80% of the UAE’s total land area. Population in the emirate was registered in 2006 at 1.463 million, comprising one third of UAE’s total population. Abu Dhabi’s early history and culture were also influenced by what is now Oman, the emirate’s close neighbor, the Hellenic civilizations, the Kingdom of Hormuz, Portuguese and the British.
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The first oil concessions were granted in the territory in 1939, but it was not until 19 years later that oil was discovered. Abu Dhabi began exporting crude oil in 1962. Revenues poured in as oil production increased, thus it became the richest emirate. It now ranks among the richest cities with a GDP per capita of USD 63,000 making it third in the world after Luxembourg and Norway.
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The city of Abu Dhabi is well-planned with landscapes and themed parks creating an ideal ambience amid skyscrapers, five-star hotels, shopping malls and hypermarkets. Being the capital, it is also home to embassies from all over the world.
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The Municipal Affairs Dept of Abu Dhabi Municipality has announced that up to 350 residential towers will be constructed by 2012. A tourism development and investment company has been formed to aid in the construction of some 4,000 new hotel rooms between 2007 and 2010, and another 13,000 rooms between 2010 and 2015. The much-anticipated completion of the Midfield Terminal Complex at the Abu Dhabi International Airport by 2010 will eventually increase the airport’s passenger handling capacity.
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Some of important projects in Abu Dhabi include the developments of Corniche and City Centre, Khalidiya Rotana Hotel and Residences, Abu Dhabi Central Market, Capital Plaza Development, Fairmont Abu Dhabi Resort and Villas.
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The completion of the Midfield Terminal Complex at the Abu Dhabi International Airport by 2010 will eventually increase the airport’s passenger handling capacity. Al Reem Island, located on the northeastern coast, will be home to an estimated 280,000 residents upon completion in 2012. Besides residential, commercial and retail or mall spaces, the 633-hectare development will also feature the amenities of a world-class destination.
RELATED NEWS
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The HSBC has reported rents and property prices in Abu Dhabi increased by 22% and 18% respectively in the second half of 2007.
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Office rents have grown 40% over the last two years in Abu Dhabi, according to property consultants Colliers.
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