Abu Dhabi Recorded 2 Day Index Fall

Abu Dhabi index fell for the second day, losing 1.07 per cent yesterday to close at 5,063.24.

Led by Abu Dhabi National Energy Company, Taqa, the state-controlled global energy investment company, which had the biggest one-day drop in two years, the energy sector tumbled 5.49 per cent.

Taqa, which announced this week the sale of $4.15 billion worth of bonds convertible to shares primarily to its shareholders, lost 9.79 per cent to close at Dh3.41. Dana Gas and Aabar Investments also dragged lower, declining 1.45 per cent and 0.26 per cent respectively.

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Abu Dhabi Is Planning To Buy Chrysler Building

Abu Dhabi is definitely conquering the international market of investments as it recently planned to buy the Chrysler Building in New York City.

Sources told the Post that the Abu Dhabi Investment Council would also get part of the skyscraper's Trylons retail space next door and that Tishman Speyer would remain in charge of the building, with the Abu Dhabi fund essentially acting as a silent partner.

The agreement would follow last month's deal in which a group led by Boston Properties Inc would buy the GM Building and three others from Macklowe Properties for $3.45 billion. The Post said investors in that deal included the wealth funds of Kuwait and Qatar.

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Adbic Gets $4bn for Polymer Park

Abu Dhabi Basic Industries Corporation or Adbic finally gets the $4 billion Polymer Park projects. The said plastic manufacturer is located at the Industrial City of Abu Dhabi.

"The project reflects the emirate's commitment towards diversifying sources of income through adopting a futuristic strategy based on encouraging investment and focusing on the industrial sector as the main driver for economic development," Shaikh Mohammad said.

"The government of Abu Dhabi is seeking to support and develop the heavy industries such as aluminium, steel, and petrochemicals through providing the basic needs capitalising on the abundance of energy sources, the advanced infrastructure, and the strategic location," he added.

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Abu Dhabi's Housing Problems will Alleviate in Three Years

Though it still takes three years before they can finally say that the problems on Abu Dhabi's Housing markets are totally resolved, it still counts to the development of the region.


Abu Dhabi's housing shortage is already given attention through housing projects which are already under construction. This will alleviate the housing sector in Abu Dhabi which is expectedly finish in three years time.

The carefully planned housing projects will be an additional developments to Adu Dhabi in the future.

"The entire construction will be completed by 2030. Construction has already begun on the planned sports city in the area," said Al Hosani.

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