Daily Archives: September 12, 2008

John Gapper

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As an antidote to the property-related crisis sweeping over Lehman Brothers, I went over to the Javitz conference centre in Manhattan yesterday to learn about one property development that is not short of money.

It is Saadiyat Island, the mind-boggling $27bn project to develop an island next to Abu Dhabi in the United Arab Emirates. At about $1bn per square kilometre, the emirate is not stinting on Saadiyat.

I suppose the falling oil price may crimp the style of Abu Dhabi and its next-door emirate Dubai a little. But it is not stopping the creation of Saadiyat, which will not only have nine resort hotels along a 9 kilometre beach but a cluster of world-class museums. Read more