Abu Dhabi - Experience the Magic
Abu Dhabi has always been a special place. But until recently, the emirate remained an undiscovered jewel on the international travel map. Today, more and more overseas visitors are discovering this unique and captivating destination.
Abu Dhabi offers all the attractions of a top class international resort... plus a taste of something extra. It combines year-round sunshine and superb facilities for leisure and recreation with the spice and mystique of an Arabian adventure.
Steeped in the ancient culture and heritage of Arabia, the strong tradition of desert hospitality lives on in the genuine warmth and friendliness that welcomes the visitor.
Abu Dhabi brings together old world charm and cosmopolitan sophistication in a clean and safe environment. It offers a distinctive blend of east .
Abu Dhabi Property Investment
Property investment has long been a preferred method of achieving good capital gains and income, Abu Dhabi property investment offers these same incentives to local and international investors alike. International investors are increasingly looking outside of their home markets for opportunities to diversify their investment portfolios. Abu Dhabi property investment offers the prospect of gaining higher returns than are possible in many other markets and the booming real estate industry is attracting much international interest. Abu Dhabi also offers an extremely attractive environment for new businesses due its location and attractive tax system. The forward thinking government is intent on developing not only the Abu Dhabi property investment market, but also a number of other significant industries. On the whole, Abu Dhabi resident’s personal yield and capital gains are much higher than in most other international property markets and with the added benefit of no personal income or capital gains tax, it is plain to see why Abu Dhabi property investment is so popular.
Abu Dhabi's 'emerging' property market expected to weather the credit crunch
The property market in Abu Dhabi is in a good position to resist the global real estate downturn because it is still relatively new, according to analysts.
At a time when many nations in the world are fearful of the credit crunch, property developers in Abu Dhabi are confident that demand will outstrip supply for some considerable time.
'In contrast to Dubai, where the earliest off-plan investment opportunities saw completion in 2002, the first completed units in Abu Dhabi will only be delivered in late 2009,' said James Gonzalez, market analysts at Obelisk International.
'Abu Dhabi remains a relatively new option for foreign buyers and lacks the market saturation of Dubai. It still remains an emerging market,' he added.
Although it is one of the world's largest producers of oil, Abu Dhabi decision to diversify into other sectors such as the property and tourism markets, is regarded as a positive.
Also the government is taking steps to protect the economy. In recent weeks it has pumped $33 billion into the banking system. Fitch Ratings expressed its approval of the government's moves to guarantee liquidity in the banking system.
Abu Dhabi Property Sales
Property prices in Abu Dhabi have been steadily increasing ever since the market was first opened up to international investors in 2005. Despite this fact, Abu Dhabi property sales have been on the increase. Industry professionals also predict demand for residential and commercial properties will continue for the foreseeable future.
Abu Dhabi Commercial Property
The economic boom in Abu Dhabi and the business potential within the emirate has not gone unnoticed, many large international firms are now increasing their regional presence and local companies are expanding quicker than ever before, making Abu Dhabi commercial property increasingly harder to source. Government initiatives such as newly planned industrial, commercial, financial and free trade zones have further encouraged interest in the market. This level of demand from businesses the world over has put much pressure on the Abu Dhabi commercial property sector, particularly when it comes to quality office space. It takes time, expertise and industry contacts to source Abu Dhabi commercial property that can compare with what is readily available in other capital cities.
Abu Dhabi Real Estate
The variety of superb Abu Dhabi real estate projects, available to local and international investors, is extensive. Projects vary from seafront apartments and luxury villas to retail showrooms and office space. In spite of the existing investment opportunities, there remains a small number of Abu Dhabi real estate brokers when comparing to a similar property market like Dubai. Abu Dhabi’s property market is still developing and is not interlinked with the financial markets, as is the case in some other mature economies. Consequently, the housing market in Abu Dhabi does not operate on the same fundamentals as a more established property market.
The release of new residential schemes is currently happening in a controlled fashion, thus avoiding an oversupply. Yet, the city’s population is increasing, placing extra pressure on the property sector.
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ABOUT ABU DHABI
History
Parts of Abu Dhabi were settled in the 3rd millennium BC and its early history fits the nomadic herding and fishing pattern typical of the broader region. Modern Abu Dhabi traces its origins to the rise of an important tribal confederation, the Bani Yas, in the late 18th century, which also subsequently assumedcontrol of the town of Dubai. In the 19th century the Dubai and Abu Dhabi branches parted ways.
Into the mid-20th century, the economy of Abu Dhabi continued to be sustained mainly by camel herding, production of dates and vegetables at the inland oases of Al Ain and Liwa Oasis, and fishing and pearl diving off the coast of Abu Dhabi city, which was occupied mainly during the summer months. Most dwellings in Abu Dhabi city were, at this time constructed of palm fronds (barasti), with the wealthier families occupying mud huts. The growth of the cultured pearl industry in the first half of the twentieth century created hardship for residents of Abu Dhabi as pearls represented the largest export and main source of cash earnings.
In 1939, Sheikh Shakhbut Bin-Sultan Al Nahyan granted petroleum concessions, and oil was first found in 1958. At first, oil money had a marginal impact. A few lowrise concrete buildings were erected, and the first paved road was completed in 1961, but Sheikh Shakbut, uncertain whether the new oil royalties would last, took a cautious approach, preferring to save the revenue rather than investing it in development. His brother, Zayed bin Sultan Al Nahyan, saw that oil wealth had the potential to transform Abu Dhabi. The ruling Al Nahyan family decided that Sheikh Zayed should replace his brother as ruler and carry out his vision of developing the country. On August 6, 1966, with the assistance of the British, Sheikh Zayed became the new ruler.
With the announcement by the UK in 1968 that it would withdraw from the Persian Gulf area by 1971, Sheikh Zayed became the main driving force behind the formation of the United Arab Emirates.
After the Emirates gained independence in 1971, oil wealth continued to flow to the area and traditional mud-brick huts were rapidly replaced with banks, boutiques and modern highrises.
Location
Abu Dhabi city is on an island located less than 250 metres from the mainland and is joined to the mainland by the Maqta and Mussafah Bridges. A third bridge, designed by Zaha Hadid, is currently under construction. Bridges connecting to Reem Island and Saadiyat Island are also under construction and should be completed in 2011.
Most of Abu Dhabi is located on the island itself, but it has many suburbs on the mainland for example: the Khalifa A, Khalifa B, Rhaha Beach, Between Two Bridges, Baniyas and Mussafah Residential
Economy
Sunny/blue skies can be expected throughout the year. The months of April through September are generally hot and humid with maximum temperatures averaging above 40 °C (104 °F). During this time, sandstorms also occur intermittently, in some cases reducing visibility down to a few meters.
The weather is cooler from November to March. This period also sees dense fog on some days. The oasis city of Al Ain, about 150 km (93 mi) away, bordering Oman, regularly records the highest summer temperatures in the country, however the dry desert air and cooler evenings make it a traditional retreat from the intense summer heat and year round humidity of the capital city
City planning
On the northerly end of the island, where the population density is highest, the main streets are lined with 20-story towers. Inside this rectangle of towers is a normal grid pattern of roads with lower density buildings (2 story villas or 6 story low-rise buildings).
Abu Dhabi city is a modern city with broad boulevards, tall office and apartment buildings, and busy shops. Principal thoroughfares are The Corniche, Airport Road, Sheikh Zayed Street, Hamdan Street and Khalifa Street.
Abu Dhabi city is known in the region for its greenery; the former desert strip today includes numerous parks and gardens.
Abu Dhabi has since established in 2007 the Abu Dhabi Urban Planning Council (UPC), the agency responsible for the future of Abu Dhabi’s urban environments, and the expert authority behind the visionary Plan Abu Dhabi 2030 Urban Structure Framework Plan published September 2007. The UPC is also working on similar plans for the Region of Al Ain and Western Region.
Future development
New developments on islands surrounding the city plan to increase the population of the city by up to 2,600,000. These developments will put the city on par with the other major city of UAE, Dubai.
The government of Abu Dhabi has announced plans to fund a campus for New York University, the first of its kind to be established by a major US research university outside of the United States. The university is expected to receive students by 2010.
Major projects
- Burj Al Arab
- Qasr al-Hosn and Cultural Foundation
- Saadiyat Island ("Island of Happiness")
- Al Lulu Island
- Reem Island
- Al Raha
- Abu Dhabi Grand Prix circuit on Yas Island
- Masdar City
- New York University Abu Dhabi Campus
- Ferrari World
- Cleveland Clinic
Culture and the arts
Abu Dhabi is trying to position itself as the "Cultural hub" of the Middle East, taking this mantle from regional cities such as Beirut, Tel Aviv and Cairo. It is home to a number of cultural institutions including the Cultural Foundation and the National Theater. The Cultural Foundation is home to the UAE Public Library and Cultural Center. Various cultural societies such as the Abu Dhabi Classical Music Society have a strong and visible following in the city. The recently launched Emirates Foundation makes grants in support of the arts, as well as to advance science and technology, education, environmental protection and social development. The International Prize for Arabic Fiction (IPAF) will be based in Abu Dhabi.
- The creation of a major "up-scale cultural district" on Abu Dhabi's Saadiyat Island has begun with the groundwork for a US$200 million Guggenheim Museum. The Frank Gehry-designed museum will display a "prestige collection" of modernist and contemporary art and is scheduled for completion in 2011. Upon completion, it is expected to be the largest exponent of the prestigious Guggenheim Museums. In addition, there will be three further cultural focal points: The Performing Arts Centre, The Sheikh Zayed National Museum and The Maritime Museum.
Events
Abu Dhabi stages hundreds of conferences and exhibitions each year in its state-of-the-art venues, including the Abu Dhabi National Exhibitions Company (ADNEC). Another major even is the Abu Dhabi Oil and Gas Exposition, ADIPEX.
Education
Abu Dhabi is home to several international and local private schools and universities. These schools and universities boast several languages that make up the population of Abu Dhabi.
