The Abu Dhabi Urban Planning Council (UPC) has approved a slew of new projects, reflecting positive organic growth in the capital at a time when oil prices are slumping. The UPC more than tripled the total floor area of projects spanning commercial, retail and residential properties from the second quarter of last year. Twenty-six development projects spanning a total floor area of more than 2.3 million square metres have been approved.
The oil price is forcing many Gulf economies to re-evaluate budgets and cut back on a variety of subsidies, so the UPC’s surprise announcement demonstrates crucial movement towards the realisation of the Abu Dhabi 2030 economic vision, which lays out several economic diversification benchmarks for the capital. By 2030, the plan calls for the non-oil sector to contribute 64 per cent to the emirate’s GDP. As a reference, non-oil activities contributed 45 per cent to Abu Dhabi’s GDP in 2013, up by two percentage points from 2012.
These approvals suggest a certain appreciation for recent IMF recommendations for the UAE to diversify its infrastructure development away from large-scale projects and focus on smaller construction and urban land development. Given the robust nature of the capital’s economy, it makes sound sense to focus on the building of housing and infrastructure as a way of facilitating the goal of the 2030 economic vision.
Indeed, the projects just approved include a block of three residential towers, which will each be 24 storeys high, facing the Abu Dhabi Corniche and featuring retail and commercial units on the ground floor. In Mohammed Bin Zayed City, a 300-bed specialist hospital on an 82,000 sq metre site was given the go-ahead, while Abu Dhabi University in Al Ain was granted permission to expand.
Significantly, the UPC’s executive director for urban development, Mohamed Al Khadar, said that he expected the trend of approvals to continue, with more to come in the third quarter. Overall, the amount of gross floor area expected to be approved this year would be 15 to 20 per cent higher than in 2014.
This is further validation of Abu Dhabi’s economic strategy to achieve steady growth rather than seeking overrapid development through large projects.
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US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
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