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Tue 15 Nov 2011 01:01 PM

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Abu Dhabi's ZonesCorp attracts $6bn in investments

But future expansion in question amid global economic woes, says chief executive

Abu Dhabi's ZonesCorp attracts $6bn in investments
(Image for illustrative purposes only)

Abu Dhabi's industrial development body has attracted $6bn
in investments since its launch but future growth hinges on a recovery in the
global economy, its top official said on Tuesday.

The Higher Corporation for Specialised Economic Zones
(ZonesCorp) was set up in 2004 to create industrial clusters in the capital of
the United Arab Emirates.

Since then, ZonesCorp has set up three industrial cities in
Abu Dhabi and two in Al Ain.

"Investments in all the industrial cities of Abu Dhabi
and Al Ain are now about $6bn but future expansion or attracting investments
depend on the market situation," said chief executive Mohammed al Qamzi.

"It is very slow because the markets [globally] are not
good and here the private sector is the driver," he said.

More than 600 establishments are operational in the
industrial cities that include steel and glass manufacturing, construction
materials, chemicals to oil and gas and processing factories.

ZonesCorp has spent AED3.5bn on infrastructure at these
cities covering an area of 39 sq km, he said.

Two more industrial cities are due to be announced by
ZonesCorp, one an auto city and the other a logistics hub, he said without
specifying a timeline.

Abu Dhabi is spending billions of dollars on industry,
tourism, infrastructure and real estate to diversify its economy away from oil.

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