ABU DHABI - Flush with petro-dollars, the oil-rich government of Abu Dhabi is pumping billions of dollars into developing one of its many islands into a residential and tourist city, one of the developers said Sunday.
The 35-billion-dirham (9.5-billion-dollar) Emirates Pearl Island project will be launched in the first quarter of 2005 when construction begins on numerous facilities on Abu Shuoom island, northeast of Abu Dhabi, the largest member of the United Arab Emirates (UAE) federation.
"The UAE is considered a significant destination for both business and tourism as it constitutes a link between the Far East and the Arab world, in addition to ranking among the youngest and most rapidly developing countries in the world," said a statement from Malaysias PPM International.
PPM International and the local Al-Rayyan Investment Company and National Real Estate Investment Company form the consortium.
The island, only a few kilometres (miles) from Abu Dhabi city and covering an area of five million square metres (54 million square feet), will feature residential and commercial properties, hotels, hospitals, schools, colleges and entertainment facilities.
It is expected to become a prominent landmark with luxurious buildings, advanced infrastructure and innovative architectural designs, said the statement, adding that a development agreement has been signed by the consortium and Abu Dhabi's government.
The affluent Gulf emirate of Dubai, also a member of the seven-strong UAE, is on a drive to establish itself as the Gulf's business and leisure hub with plans to attract 15 million visitors a year by 2010 and 40 million by 2015.
Dubai is currently building the world's largest two man-made islands, The Palm Jumeirah and The Palm Jebel Ali, with a third due for construction.
A cluster of 300 islands shaped like a world map and dubbed "The World" is also gradually surfacing on Dubai's Gulf waters at a cost of three billion dollars.
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