TDIC partners Al Farida Investment for AED500mln hotel, apartments and mall complex (UAE)

The UAE capital's Tourism Development & Investment Company (TDIC), which manages the tourism assets of the Abu Dhabi Tourism Authority (ADTA), has partnered with Abu Dhabi's Al Farida Investment Co. L.L.C., one of the region's most expansive and diversified investment conglomerates, for an AED 500 million (approx. €88 mln) hotel, apartment and shopping center which will transform the area around Zayed Sports City – the largest sports stadium in the UAE and host to major international events.

The 5-star complex, known as 'Bridgeway at Zayed Sports City', will boast a 306-room, 11-story hotel, 146 serviced apartments, 91 residential apartments, a health club, conference center as well as a ground floor shopping center with 6,000 m&3178; of lettable retail space and a food court. It will be served by 600 underground car parking spaces, in addition to ample surface parking.

Spanning some 101,200 m², the complex, which is due for completion in the fourth quarter of 2009, will be clearly visible from the capital's Airport Road, yet overlook nearby public gardens, and will serve one of the UAE capital's fastest-growing residential areas.

His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman of both ADTA & TDIC, and His Excellency Sheikh Hamed Bin Ahmed Al-Hamed, Managing Director & C.E.O., Al Farida Investment.

"This partnership is another example of private sector support for Abu Dhabi's tourism ambitions and for providing the necessary infrastructure to progress them," said His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman of both ADTA and TDIC.

"The private sector has realized the investment potential of Abu Dhabi's hospitality segment which is now recording some of the world's highest occupancy levels. This development will assist us in attaining our goal of adding another 4,000 rooms to the capital's hospitality stock in the next three years."

Crowned by a fabric tensile roof running throughout the project, the complex will be distinguished by a unique signature design and architecture.

The hotel will be managed by an international operator yet to be appointed and features a 41 meter-high glazed atrium with a suspended oyster lounge, all-day dining restaurant, 42-m² standard rooms, junior and executive suites and a ground-floor cigar lounge. It will boast a business center, convention & banquets facilities for 350 delegates, as well as three meeting rooms with a total auditorium capacity of 250 seats. The health club will have both indoor and outdoor swimming pools, squash and tennis courts and a gym.

The park-view apartments tower will offer a mix of 146 serviced apartments, 54 of which are studios and 92 one-bedroom units, in addition to 91, two bedroom, long term rental apartments.

"This development responds to pent-up demand within Abu Dhabi for quality hotel and residential accommodation. Al Farida Investment has extensive experience in the hospitality and retail industries with four key properties in its existing UAE portfolio and three new developments underway in Abu Dhabi. We are confident this expertise will be brought to bear in delivering a project of international standards," said His Excellency Sheikh Hamed Bin Ahmed Al-Hamed, Managing Director & C.E.O., Al Farida Investment.

"Our market research has shown there is strong demand within the capital for studio and one-bedroom accommodation. The planned lay-outs of the complex reflect our desire to meet this requirement, while ensuring the delivery of superior quality standards and services to Abu Dhabi's corporate and leisure travellers.

"The business travel sector is expected to represent the primary target for the complex given its proximity to Abu Dhabi International Airport, the Abu Dhabi Golf Club, the new Abu Dhabi National Exhibition Centre and it being less than 20 minutes drive from the city's main business district.

"At the same time, the expanding residential area surrounding Zayed Sports City will benefit from having a modern shopping center and leisure facilities within easy reac

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