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Linkin Park to play Yas Island
Flash Entertainment, has announced that double-Grammy Award winning rock band Linkin Park will perform on Saturday 13 November as part of the F1 concert line up on Yas Island. “We’re looking forward to playing at the 2010 Formula 1 Etihad Airways Dhabi Grand Prix after-race concert this year. We can’t wait to share our new music for our fans in Abu Dhabi.”
Developers keep capital’s gas network plan alight
Property companies are pressing ahead with the development of gas networks in outlying parts of Abu Dhabi even though the Government has yet to give the green light to a comprehensive plan for the rest of the city. It is four years since the local gas distribution company Q Energy completed a critical preliminary stage of the project known as a “front-end engineering and design study”.
Abu Dhabi revved up by Yas Hotel
In the midst of the Yas Marina Circuit, looking like something out of Avatar, the Yas Hotel is Abu Dhabi’s latest leisure and entertainment attraction. Located close to Khalifa City, Al Raha Gardens and the upcoming Al Raha Beach development, the hotel’s restaurants, bars and coffee shops are a welcome change for facilities-deprived residents, not to mention the marina and F1 racetrack.
Deutsche Bank cuts Aldar Properties price target
Deutsche Bank lowered its price target on Aldar Properties’ stock to AED5 dirhams from AED7.10, citing increased uncertainties on Yas Island receivables and the nature of future government support for the developer.
Capital Ideas
The relation between Abu Dhabi and Dubai is neatly illustrated by the traffic on the 10-lane highway between the two cities. The north-bound lanes were once jammed with cars chasing business in Dubai, the U.A.E.’s business hub. Now traffic is heavier in the direction of the country’s capital.
No foreclosure moves by Aldar
Aldar Properties, the largest developer in Abu Dhabi, expects default rates to hover between five and seven per cent in 2010, but has not initiated any foreclosure moves, according to a company spokesperson. In February, the company sold a large portion of its signature Yas Island project, including the Formula One Grand Prix circuit, to the Abu Dhabi Government. The developer has said it has made no profit from the sale.
