In October Aldar, the third-largest Gulf Arab developer by market value, said it planned to borrow as much as US $4 billion to fund such projects. The property development, management and investment company, founded in 2004, is owned by the Abu Dhabi local government and private shareholders. The firm has several development projects in the works, including the construction of a new Abu Dhabi city district, with an estimated cost of $14.7 billion.
The UAE capital has launched a series of real estate and other ventures with projected investments of $300 billion in an attempt to rival neighboring Dubai, which is becoming a regional business and tourism hub. Developers are already building three palm-frond shaped islands and an archipelago off the coast of Dubai.
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