NewsYas Island benefits from the financial crisis
The development projects on Yas Island in Abu Dhabi benefit from the economic downturn caused by the global financial crisis, Aldar Properties said on Monday.
According to Steve K. Worrel, Director of Mixed Use Development at Yas Island, availability of more workers and bidders have increased because of the economic downturn. Additionally, the prices on materials have gone down.
Currently, 37.000 workers are stationed at Yas Island, whereas 10.000 joined in the past six months. According to mr Worrel, six months ago it was not so easy to get construction workers immediately. It was also difficult to get more than two bidders for various projects.
Now, the situation has changed and the supply of workers and bidders have increased, and construction costs have decreased. Worrel told the press that the money saved would not be used for any additions to the projects, as the projects have fixed plans. About 60 per cent of construction of the first phase of the projects has been completed, costing about Dh38 to Dh40 billion, said Worrel.
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