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FINANCIAL NEWS
Abu Dhabi to spend USD90b on infrastructure projects
14 Jan 2013
(MENAFN) Abu Dhabi’s Executive Council stated that over the coming 5 years, the emirate will spend USD90 billion on major social infrastructure projects, reported Arabian Business.
It said that at the current time, 12,500 housing units are under construction, whereas 34 schools and 10 kindergartens are in the pipeline.
Furthermore, the emirate is constructing the Strategic Tunnel project and the 328-km Mafraq-Ghuweifat road connection.
The council noted that these investments are part of the government’s policy to diversify its economic resources and mainly to lower reliance on revenues of the oil and gas industry.
It s worth noting that a number of initiatives were introduced by the government to enhance the investment environment, including the specialized economic zones that cover various industrial and trade fields, offering exemptions to investors, and developed infrastructure.
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