UAE’s ZonesCorp draws USD6b investments since 2004

16 Nov 2011

(MENAFN) Abu Dhabi’s Higher Corporation for Specialized Economic Zones’ (ZonesCorp) chief executive, Mohammed al Qamzi, said that since its establishment in 2004, the industrial development body was able to attract USD6 billion in investments, reported Arabian Business.

Al Qamzi added that the ZonesCorp established three industrial cities in Abu Dhabi and two in Al Ain and spent USD952 million on infrastructure at these cities that spanned over an area of 39 sq km.

He also said that in order to diversify Abu Dhabi’s economy away from oil revenues, the emirate’s government spent billions of dollars on industry, tourism, infrastructure and real estate.

It is worth noting that the industrial cities have more than 600 operational establishments, including steel and glass manufacturing, construction materials, chemicals to oil and gas and processing plants.

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