Invest In Property In Abu Dhabi

The fast growing Arabian capital of Abu Dhabi is the richest and largest of all the seven UAE states. The city is located on a T-shaped island leading into the Persian Gulf, from the central western coast, and has a population of around 900,000 inhabitants. It currently controls 90 per cent of the oil wealth in the region, making it one of the largest producers of oil in the world. The economyAbu Dhabi has the largest fossil fuel reserve in the UAE, is the fourth biggest natural gas producer in the world, has the worlds highest income per capita, is home to almost all of the Arabic Fortune 500 companies, and is currently sitting on over 88 billion barrels of proven oil reserves.Nonetheless, the emirate is now actively trying to reduce its reliance on oil, and is diversifying its economy into the financial services and tourism sectors. Billions of pounds have been allocated for infrastructure projects and the development of residential, leisure and cultural schemes across the oil-rich emirate. Abu Dhabi is determined to challenge Dubai and establish itself as a major tourist destination, buoyed by its subtropical climate and 700 km coastline of unspoiled beaches and cultural sites.Tourist attractions include the Louvre and Guggenheim museum, a wildlife reserve, a UAE public library, the National Theatre, and the development of the 13.5 billion Saadiyat Island.In 2009 Abu Dhabi will host its first ever Formula One grand prix on the Yas Island, which includes a Ferrari theme park. Elsewhere, Aldar Properties will develop a $3billion (1.5billion) Motor World, including service centres and a museum, as well as offices, hotels and homes for 30,000 people.David Nicholls of EM concepts says: The plans for Abu Dhabi are truly remarkable. The transport infrastructure is also already sound and the states pockets are bottomless.The emirate Rosetta Stone Hindi is served by several major airlines, including British Airways, BMI, Eagle Air, KLM, Etihad Airways, Gulf Air, Qatar Airways and Lufthansa. Incidentally, hotel occupancy rates currently stands at over 80 per cent, up from around 60 per cent in 2003. James Gonzalez of Obelisk comments: Abu Dhabi plans to be a premier global tourism destination. Within the next three years, the emirate will see major investment in airport infrastructure, which will increase airport capacity from seven million to 20 million passengers a year by 2011.Abu Dhabis rapid growth and rising tourism levels is driving demand, causing a massive property surge, similar to that experienced in Dubai a few years ago. Property market Unlike neighbouring Dubai, where it is feared that there will soon be a total oversupply of properties, in Abu Dhabi, there is currently a reported housing shortfall of around 20,000 units. The supply of housing stock remains scant, partly because Abu Dhabi is not part of a community master-plan like those pioneered by Emaar and Nakheel in Dubai. Carlo Walther, head of business development for Rightmove Overseas, comments:From an investors point of view, Abu Dhabi has several serious advantages With a $200 billion investment programme scheduled for the next 10 years, its little wonder that there is such excitement around this market.

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