Industry News

TDIC to Grant USD100 Million Contract for Saadiyat Project

Abu Dhabi: The Tourism Development & Investment Company (TDIC) is the major developer of tourism cultural and residential destinations in Abu Dhabi. The contract of Saadiyat project is valued at USD100.70 million and the project has to be completed within 24 months from the start date on site. Al Jaber Group, the contractor for Saadiyat project, has previously developed more than 7,000 villas in numerous projects.

The Saadiyat project is located within the perimeters of Saadiyat Beach District. Saadiyat Beach District is a premium residential community, which is expected to become home to approximate 29,000 residents with more than 4,000 residential units. Jawaher Saadiyat project will characterize approximately 83 exclusive units comprising around 4 to 6 bedroom in villas and 4 bedroom townhouses.

According to recent report published by TechSci ResearchGCC Air Conditioners Market By Product Type (Split, Chiller, Window, VRF and Others), By End Use Sector (Commercial and Residential), By Country (Saudi Arabia, Qatar, UAE, Oman, Kuwait and Bahrain), Competition Forecast and Opportunities, 2011 – 2021”, the market for air conditioners in GCC is forecast to grow at a CAGR of over 10% during 2016–2021. Saudi Arabia dominates GCC air conditioners market, on account of large population size and continuing growth across various sectors in the Kingdom. Split air conditioners dominated demand for air conditioners in the GCC region in 2015. The air conditioners market in the region is dominated by players such as LG, Daikin, Toshiba Carrier, Zamil and Samsung. However, GCC air conditioners market is majorly import driven due to limited manufacturing plants of major air conditioner players in GCC countries.

According to TechSci Research, the project, announced by Tourism Development & Investment Company, to construct villas for the people of Abu Dhabi, will increase the demand for air conditioners in the United Arab Emirates. Specially for VRF (variable refrigerant flow) & splits. Al Jaber, which will be constructing these villas in Saadiyat, Abu Dhabi, will need to install air conditioners, as the people of the country in GCC region are preferring homes, which are having installed air conditioners. Majority of the villas, in the country have VRF and splits. Such villas are most preferred by residential sector. Moreover, rising temperature and humidity in the country are also increasing the demand for air conditioners in the region. UAE is largely an import driven market, as there are very few companies, such as LG, Zamil, etc. which are manufacturing air conditioners in GCC region. Hence, the companies can target customers by launching various energy efficient air conditioners, as these air conditioners help in saving electricity cost, which is still rising in the country.