A CONSORTIUM led by Dubai-based Arabtec Holding will build the Louvre Abu Dhabi art gallery for $654 million, the developers of the much-delayed project have announced.
Abu Dhabi Tourism Development and Investment Company said construction would start immediately with the aim of opening the museum in 2015.
This is part of a thirty year agreement between the city of Abu Dhabi and the French government. The museum is to be located on the Saadiyat Island complex, and will be approximately 24,000 square metres (260,000 sq ft) in size.
“The contract, valued at 2.4 billion dirhams (around $654 million), signifies a major milestone in the progress of the Louvre Abu Dhabi,” it added.
Abu Dhabi has paid around $1.3 billion to use the Louvre name for 30 years and to tap the renowned Paris museum for artworks and expertise during this period.