$11bn needed to develop Lulu Island

CITYSCAPE: Abu Dhabi-based Sorouh's masterplan for development in final stages, official says.
$11bn needed to develop Lulu Island
By Stanley Carvalho
Wed 14 May 2008 10:27 AM

Sorouh Real Estate estimates that an investment of 40 billion dirhams ($10.89 billion) will be needed to develop its Lulu Island project in Abu Dhabi, a senior company official said on Tuesday."The total development cost is close to 40 billion dirhams and the master plan is in the final stages. Once this is finalised, the financials follow and then the design and contracts," the official, who declined to be named, told newswire Reuters on the sidelines of Cityscape Abu Dhabi.

He gave no details of the planned financing of the project on an island just off the capital of the UAE, which the company hopes will become a luxury tourism destination.

Construction will begin in 2009 at the island with an area of 5.79 square kilometres that will be home to some 20,000 with retail, leisure, sports and other facilities including a monorail, he said.

Sorouh already has real estate projects worth over 45 billion dirhams under development. (Reuters)

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