Abu Dhabi's industrial development body has announced plans to offer the first phase of a residential city for labourers being built in Abu Dhabi to private investors.
The Higher Corporation for Specialised Economic Zones, known as ZonesCorp, said the first part of Razeen Worker Residential City - Razeen A - will be offered.
The Razeen project lays the foundations for a strategic partnership between the public and private sectors, it said in a statement.
Falah Al Ahbabi, chairman of ZonesCorp, said: “Zonescorp is working together with its partners in the government sector to finish the infrastructure of Razeen city so it can be operational before the end of the year.
“Worker residential cities present an excellent investment opportunity for the private sector and building public private/partnerships through projects such as this make an important contribution to diversifying the economy and Abu Dhabi 2030 Vision.”
Razeen city will have the capacity to accommodate 25,000 workers and is located 30km from the Industrial City of Abu Dhabi.
Zonescorp currently oversees 28 cities that house over 450,000 workers from the industrial sector and has invested AED11 billion.
Saeed Eisa Al Khyeli, director general, added: “Zonescorp will start advertising the tender process in the local media for Razeen A in due course. Our aim is to ensure an open and transparent process of finding reliable partners who will operate the cities according to our internationally recognised standards."For all the latest banking and finance 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.
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