Abu Dhabi sets aside US$90bn for major projects

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Abu Dhabi has announced that it will spend US$90bn over the next five years on social infrastructure

Abu Dhabi has announced that it will spend US$90bn over the next five years on social infrastructure

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Qatar's labour requirements

Qatar's labour requirements

Qatar’s Supreme committee has published worker welfare standards...

2
$40bn housing deal may signal Gulf investment push into Egypt

$40bn housing deal may signal Gulf investment push into Egypt

Egypt's economy is recovering only slowly from the turmoil that...

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew