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Tue 26 Jun 2007 01:44 AM

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Abu Dhabi set for $175bn diversification

Emirate is expected to invest $175bn in non-oil projects over the next five years.

Abu Dhabi is expected to spend up to $175 billion on non-oil projects in the next five years, a study says.

Gulf News reports analysis from the Oxford Business Group’s ‘The Report: Abu Dhabi 2007’ which cites the UAE capital’s vision of reducing its reliance on hydrocarbon resources.

Projects are under development in private-public partnerships in key sectors including industry and tourism, the report says.

Tatjana Marinko, GCC regional director at OBG said “State organisations and spin-offs such as Mubadala Development and the Tourism Development and Investment Corp will act as project integrators and strategic investors, while at the same time inviting interest from foreign investors.”

Major initiatives include the launch of the Industrial City of Abu Dhabi and the Khalifa Port and Industrial Zone. The creation of further zones will reinforce the trend, with projects likely for petrochemicals, plastics, aluminium, steel and glass.