Abu Dhabi is planning to spend $15bn on infrastructure projects over the next three years to cater for the city's rising population, a senior business figure has announced.
Ali Mahmoud, chief investment officer, Abu Dhabi Investment House, revealed the spending plan at a summit in the UAE capital which heard that the city's population was set to rise to three million by 2020.
Speaking at the Abu Dhabi Outlook Summit, Mahmoud said the government was looking to the private sector to help fund some of the major projects planned.
He said public private partnerships (PPP) would help drive development in the emirate.
He added: "As investments increase in real estate, financial services and tourism sectors, Abu Dhabi’s infrastructure upgrade becomes a necessity. As a result of this, the Abu Dhabi government is encouraging the private sector to participate in developing and improving the emirate’s infrastructure."
According to a presentation by Rashed Al Baloushi, deputy CEO, Abu Dhabi Securities Exchange, the Abu Dhabi Economic Vision 2030 would enable the emirate to become a "sustainable, diversified high value-added economy that encourages enterprises and entrepreneurship".
On Monday, the UAE economy minister Sultan bin Saeed al-Mansouri said investments in Abu Dhabi infrastructure, property and manufacturing were expected to reach about $1 trillion in the medium term.
"The planned investments to be implemented in Abu Dhabi through public and private partnerships in infrastructure, real estate and manufacturing sectors over the medium term are expected to reach $1 trillion," al-Mansouri said.
The emirate, one of seven comprising the UAE, has projects currently underway worth around $100 billion, the minister said.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.