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Sat 16 Oct 2010 08:24 PM

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Abu Dhabi releases tender for Guggenheim museum

TDIC has requested interested contractors to ask for a pre-qualification document in order to bid

Abu Dhabi releases tender for Guggenheim museum
BIDS INVITED: Abu Dhabis TDIC has invited contractors to bid for the construction of the Guggenheim Abu Dhabi.

Abu Dhabi’s Tourism Development and Investment Company (TDIC) has finally invited bids for the construction of the Guggenheim Abu Dhabi.

The art museum, which is part of the emirate’s drive to become a cultural tourism destination, is one of many projects in an AED120bn portfolio of TDIC developments, currently at various stages of design and construction.

The invitations to tender for the project come now that the piling and overall design works have been completed.

The TDIC has requested interested contractors who meet the necessary criteria to ask for a pre-qualification document in order to bid.

The 55 plus projects planned will cover more than 15 destinations and range from golf clubs and hotels to luxury villas, along with two islands.

Earlier this year, James Pringle, executive director of development at the Abu Dhabi Investment Council, which is working closely with the TDIC to manage the financing of the projects, told Construction Week: “One third of the projects are commercial, financed through bonds and sukuk, as just two sources of funding.

“Other forms are project financing and then straight bank debt. There are a few other forms of private funding. As far as going to the market, we have been looking at it but we don’t have specific plans.”

The new museum will be the world’s largest Guggenheim branch and is one of a wave of developments contributing to Abu Dhabi’s 2030 economic vision.

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