THE DAILY TELEGRAPH: Abu Dhabi has awarded a $653 million (£406 million) contract to build a branch of France's Louvre museum, signalling the oil-rich emirate is again moving ahead with flamboyant development projects.
Arabtec Holdings, a big construction firm headquartered in neighbouring Dubai, said on Tuesday it had been awarded the contract by the Abu Dhabi government. Construction is due to finish in 2015.
Abu Dhabi, the capital and second largest city of the UAE, plans to build three museums near its downtown area as part of a drive to develop itself as a top tourism destination and diversify its economy beyond oil. The other two museums are a branch of the Guggenheim of the United States, and the Zayed National Museum.
These projects and a number of others were postponed as Abu Dhabi reviewed its economic condition last year in the wake of the crisis. A property market crash in the emirate has slashed real estate prices by over 50 per cent in the past several years. » | Tuesday, Jabuary 08, 2013