Show only titles
Business & jobs category
TDIC gives AED 1.9 million to children’s charities
Tourism Development ‘&’ Investment Company (TDIC), today presented a cheque of AED 1.9 million raised during this year’s Saadiyat Beach Classic to three children’s charities including Ability Centre for Special Needs, Emirates Autism Centre and The Player Foundation.
Abu Dhabi National Hotels sees 51% Q1 profit drop
Abu Dhabi National Hotels (ADNH) on Tuesday posted net profit of AED83m for the first quarter of 2011, a 51 percent drop on the same period last year. Despite showing a seven percent increase in operating revenues to AED481.6m, net profit of AED83m was less than half of the AED170m seen in Q1 2010.
TDIC to award Louvre Abu Dhabi contract by June
Abu Dhabi’s Tourism Development and Investment Council (TDIC) has said it will award the main construction contract for its flagship project, The Louvre Abu Dhabi, before the end of June. The master developer originally planned to assign the main contractor for the Saadiyat Island project in June 2010, but has pushed back the contract award date at least three times.
Maktoum opens travel event amid tourism surge
Tourist boards, companies and investors turned out in force on Monday for the official opening of the 2011 Arabian Travel Market. The event, which was opened just past noon by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, is being attended by some 2,200 exhibitors from 69 countries over four days.
Finance still biggest reason for project delays
Financial problems remain the biggest cause of project delays, according to engineering consultants Buro Happold. Executives from the firm say projects conceptualised a long time ago are still struggling to even get off the ground because the commercial and contractual environment in the region has tightened up.
Fitch affirms TDIC’s AA ratings
Fitch Ratings has affirmed Abu Dhabi-based Tourism Development & Investment Company’s (TDIC) long-term issuer default rating (IDR) and senior unsecured rating at AA and short-term IDR at F1+, the agency said in a statement, adding that the outlook for the long-term IDR is stable.
Abu Dhabi property begins to compete
The price of living and working in Abu Dhabi is gradually becoming more competitive with neighbouring emirates and countries as new office space becomes available and the city’s housing costs continue to slide. Average residential rents have fallen 40 per cent in Abu Dhabi since the market’s peak in 2008, say analysts with Jones Lang LaSalle, the consultancy.
TDIC may return to capital markets
Abu Dhabi’s Tourism Development and Investment Company (TDIC) may return to the capital markets in the second half this year or during the first quarter of 2012 to sell new debt, James Pringle, TDIC’s acting chief executive officer said in Abu Dhabi yesterday.
