NIC unveils US $1.4 billion project in Abu Dhabi

National Investment Corporation (NIC) has launched a US $1.4 billion (AED 5 billion) mixed-use project aimed at reshaping Abu Dhabi's breakwaters into a tourist destination.

National Investment Corporation (NIC) has launched a US $1.4 billion (AED 5 billion) mixed-use project aimed at reshaping Abu Dhabi's breakwaters into a tourist destination.

"The mega mixed-use project includes residential and office blocks, luxury villas, two five-star hotels, a marina boat club complex, and other tourist infrastructure," said Sheikh Sultan bin Khalifa Al Nahyan, chairman of NIC.

Al Nahyan added that the project is being developed on reclaimed land around Marina Mall.

The breakwater project includes south and northward extensions to the existing Marina Mall to create more shopping space.

The project is currently in the design stage and construction is expected to get under way later this year. It is expected to take three years to complete.

"A boat club will also be set up, which in itself would be a mega project, as it would include a five-star hotel, a cluster of restaurants and a marina for 500 boats," said Al Nahyan.

"The development of the hospitality sector is an important factor as the Abu Dhabi economy continues its strong growth."

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