Investment to take place over next 5 years, focusing on infrastructure and housing
Abu Dhabi has announced that it will spend US$90bn over the next five years on social infrastructure.
In a statement issued by the Executive Council, the emirate said that a total of 12,500 housing units are being built via nine major projects. In addition, 34 schools and 10 kindergartens will also be built.
Other infrastructure work currently being carried out in Abu Dhabi includes the Strategic Tunnel project and the 328-km Mafraq-Ghuweifat road connection.
“The allocations, intended for the emirate's economy, are in line with the Abu Dhabi government policy to diversify its economic resources and reduce dependence on oil and gas industry revenues,” the Executive Council said in the statement. “Therefore, the government has launched several initiatives aimed to improve the investment environment by offering incentives and facilities to investors.
“To that end, the emirate has developed a number of specialized economic zones covering different industrial and trade fields. These offer various exemptions to investors, as well as advanced infrastructure in terms of transport and communication networks, making the emirate a springboard to other countries in the region.”
The emirate also said that it would create more than 5,000 jobs for locals during the course of 2013.
Earlier this month, Abu Dhabi announced that it had awarded the key construction contract to build its version of the Louvre museum to Arabtec.
The Louvre, an offshoot of the celebrated Paris institution, is one of three huge museums being built on Saadiyat Island by the government-backed Tourism Development and Investment Company (TDIC).
Alongside the Guggenheim and the Zayed National Museum, the Louvre had been scheduled to open either this year or in 2014 but had been delayed after a government review of projects.