The UAE’s National Corporation for Tourism and Hotels (NCTH) has approved the construction of a residential and leisure project each in Abu Dhabi under $300m (AED1.1bn) of budgeted investment.
NCTH said the first project, Capital Views, will be a “modern, urban, and mixed-use development” in the business and exhibition area of Abu Dhabi National Exhibition Centre, and will feature 319 residential and 323 serviced apartments.
A joint venture between NCTH and Sino Gulf, the project has an estimated budget investment cost, including land, of $190.6m (AED700m) and will be ready in the last quarter of 2021.
The second development, Intercontinental Grand Marina Residences in Al Bateen, has an estimated budget investment of $108.9m (AED400m).
With construction continuing on-site, the project is due to open at the beginning of 2021.
Work on both projects began following the signed approval of HE Sheikh Hamdan bin Mubarak Al Nahyan, chairman of NCTH.
The developer said both Capital Views and Intercontinental Grand Marina Residences are part of its “three-year goal to expand its hotel and resort propositions in Abu Dhabi”.