Viacom Inc. (NYSE: VIA) (NYSE: VIAB)(NYSE: VNV), short for "Video & Audio Communications", is a United States-based media conglomerate with interests primarily in, but not limited to, cinema and cable television. As of 2010, it is the world's fourth-largest media conglomerate, behind The Walt Disney Company, Time Warner and News Corporation.[2][3][4][5]
The current Viacom was created on December 31, 2005 as a spinoff from CBS Corporation, which changed its name from Viacom to CBS at the same time. CBS, not Viacom, retains control of the over-the-air broadcasting, TV production, outdoor advertising, subscription pay television (Showtime) and publishing assets (Simon & Schuster) formerly owned by the larger company. However, National Amusements, through Sumner Redstone, retains majority control of Viacom. Predecessor firms of CBS Corporation include Gulf + Western, which later became Paramount Communications Inc., and Westinghouse Electric Corporation.

Market Overview
The UAE has an open economy with a high per-capita income and a sizable annual trade surplus. Its wealth is based on oil and gas output (about 33% of GDP), and the fortunes of the economy fluctuate with the prices of those commodities. Since 1973, the UAE has undergone a profound transformation leading to a modern state with a high standard of living.

The UAE has one of the most buoyant and dynamic construction industries in the world. Construction is the third largest sector of the economy, after oil and trade. A recent government report outlined that over 1,800 projects, worth around US$27 billion, are currently being carried on in the Gulf region. A succession of multi-billion-dollar projects has transformed Dubai and Abu Dhabi into modern and well-serviced centers of corporate activity.

The UAE’s Construction Sector
The construction sector has been a primary beneficiary of the oil boom and surge in investment. The number of new and ongoing large-scale projects leads the sector to see robust growth for several years to come. Many of the new projects are in the services sector, including the expansion and refurbishment of the country’s airports and the construction of new hotels and commercial buildings.

The three main areas of construction activity in the UAE are Abu Dhabi, Dubai and Ras Al Khaimah, all of which have distinct infrastructure spending programs. The Abu Dhabi construction market is one of the most dynamic markets in the region, with clear indications of continued growth. Some of the mega infrastructure projects for Abu Dhabi are:

Saadiyat Island – US$27 billion
The Al Raha Beach Development – US$14.68 billion
Shams Abu Dhabi project – US$6.8 billion
The Abu Dhabi Airport Expansion – US$6.77 billion
The Mohammed Bin Zayed city – US$1.36 billion
The newly announced port and industrial zone at Taweelah – US$2.17 billion
Some of the mega infrastructure projects for Dubai are:
The Waterfront Project –US$50 billion
Dubai Marina –US$10 billion
The Burj Dubai Development – US$20 billion
Dubailand – US$5 billion
International City – US$2.5 billion
Dubai Healthcare City –US$1.8 billion
Bawadi –US$54.4 billion
Industry Forecast Scenario
2004 2005 2006e 2007f 2008f 2009f 2010f 2011f

Construction Industry value, US$ bn 8.22 9.34 11.10 12.83 14.60 16.33 17.96 19.74
Construction Industry, real growth, %y-o-y 15.00 7.93 8.01 8.48 7.38 6.56 5.74 5.67
Construction Industry, %of GDP 7.81 7.07 7.05 7.04 7.13 7.27 7.35 7.37
Total capital investment US$bn 22.12 29.70 39.21 45.29 51.55 57.68 63.43 69.71
Total capital investment,% of GDP 21.02 22.47 24.90 24.84 25.17 25.66 25.97 26.01
Capital investment per capita, US$ 5,121 6,600 8,113 8,729 9,257 9,656 9,893 10,128
Real capital investment growth, %y-o-y 22.12 27.48 20.00 8.48 7.38 6.56 5.74 5.67
Government capital investment, US$bn 4.14 5.30 6.01 6.17 6.32 5.83 6.03 6.28
Government capital investment,% of total 15

Dubai will invest around US$81.7 billion in the aviation sector between 2006 and 2016. The investment will include the expansion work at Dubai International Airport (DIA) and the development of the Dubai World Central (DWC).

In February 2007, the master plan for the Middle East’s largest executive jet centre was released. The centre is to be built adjacent to the Dubai World Central International Airport (DWCIA) at an estimated cost of US$33 billion.

The expansion work at the DIA to build Terminal 3 and Concourses 2 and 3 is underway. The estimated cost of the project is around US$4.08 billion. The terminals are specifically designed to be able to accommodate Airbus A380s. Once the project is completed, in 2007,Terminal 3 is to have a multi-level underground structure, first-class lounges and dedicated counters, restaurants and 180 check-in counters.

Dubai World Central International Airport is a new airport under construction near Jebel Ali. It will be in be the main part of Dubai World Central - a planned residential, commercial and logistics complex.The airport is planned to have six 4500m parallel runways. When fully built-out it will be capable of handling 120 million passengers and 12 million tons of cargo annually.

The airport will complement Dubai International Airport. The airport will be surrounded by a large logistics hub, an ultra-luxurious golf resort (with suburban housing interwoven between greens and fairways), an expansive trade and exhibition facility (three million square meters of exhibition space-would become the world’s largest single exhibition site/location/address/destination),a massive commercial district, and a spacious residential/housing district.

Estimated at US$82 billion the construction has already begun on the first runway, which is scheduled to open in June 2008.The project is expected to be fully built and operational by 2020. Dar Al Handasah, is the design consultant for Phase one of this project, which includes the runway and the terminal building. Arabtec/Max Bogl joint venture will carry out structural work at the passenger terminal and the air traffic control tower at the Dubai World Central.

Dubai World Central will be a new city where eventually some 750,000 people will live and work. In an effort to accommodate its burgeoning fleet of aircraft, the UAE-based Emirates Airlines is investing US$353 million in a civil aviation engineering facility north of DIA. The centre will cater for the airline’s 74-strong fleet. Once completed it will be one of the world’s largest civil aviation maintenance facilities, with eight hangars.

Abu Dhabi Airports Company (ADAC) has lined up US$8.16 billion redevelopment program for the Abu Dhabi International Airport. As part of this program, ADAC plans to build a new air traffic control complex (ATCC) at the airport. The ATCC is to be positioned midway between the two runways and will be designed to include a five-storey technical and support building integrated with a 110-m high visual control tower.

Construction of an interim passenger terminal for national carrier Etihad Airways began in August 2006.The new terminal will have a built-up area of 50,000m2 and will be connected to the existing main terminal structure. It will also include passenger and baggage handling areas and office and maintenance areas.
 
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