The development of Abu Dhabi’s Al Raha tourism area continued this week with the establishment of the 'The Emirates Corp for Tourism Investment - Al Raha Hotel and Resort' by decree of His Highness Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The Al Raha Hotel and Beach Resort project is a major effort to develop a full-featured tourism and resort area on the al Raha beachfront opposite the Khalifa City project. Until the formation of the new company, the project had been under the supervision of Abu Dhabi's Works Department.
Plans call for the Al Raha Hotel and Beach Resort to include a large shopping mall and a five star hotel. In addition, the resort will include a marina for 240 boats, several restaurants, and a scenic tower over the breakwater. A unique feature is the inclusion of nearly thirty high quality guest chalets, including two royal chalets that will be built on artificial islands off shore.
The new company is to have a capital of Dh450 million ($122 million), Dh330 million of which will be put up by the government and the remainder to be raised through public subscription for a share value of Dh10. It should be noted that the estimated cost for the construction envisaged in the project stands at just Dh330. Regarding the rest of the capital, to be raised by subscription, Gulf News reported that the decree specified the subscription would be confined to national pensioners who get paid by the Abu Dhabi Government and to national civil servants in the emirate. (www.albawaba.com)
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