Abu Dhabi to spend US $9.5 billion on island
Abu Al Shuoom island to be developed as a new township
Abu Dhabi will see a massive residential and commercial city project at Abu Al Shuoom island, according to news reports. It is likely to be called the Emirates Pearl and will cost US $9.5 billion. Names linked with the project are Malaysia’s PPM, Al Ain-based Al Rayyan Investment and Abu Dhabi-based National Company for Property Investment.
The entire project will sprawl across 5 million m² and will include a luxury hotel, hospitals, university and family entertaining facilities. “It will be an important destination for business, tourism and education as Abu Dhabi is at the centre between East and West. We are one of the first companies to be involved in the project,” said a statement from PPM.
Shares in the project company have been allotted to the Retirement Pensions & Remunerations Fund of Abu Dhabi and Zayed Charity Work Organisation.