Abu Dhabi to invest $200 bn in core sector by 2030June 30th, 2008 - 7:22 pm ICT by IANS
Abu Dhabi, June 30 (IANS) The emirate of Abu Dhabi in the United Arab Emirates (UAE) is planning to invest up to $200 billion in its bid to have a diversified economy, while reducing its dependence on oil revenues. “Abu Dhabi will be focusing on developing infrastructure projects to cater to the needs of its growing population,” the state-run Emirates News Agency (WAM) quoted Abdulraman Al-Tassan, chief executive of RAKAA Properties, as saying.
“The emirate is planning to spend upwards of $200 billion on infrastructure projects, as part of Plan Abu Dhabi 2030, amidst forecasts of 40 percent population growth over the next five years, to 1.3 million,” he said.
According to Al-Tassan, this projected increase in population would result in a need for an additional 700,000 residential units over the coming two decades, to cater to a population that may reach 3.5 million by 2030.
Currently, there are around 200,000 residential units in the market.
According to the report, in line with its Strategic Plan 2008-2012, Abu Dhabi - which also serves as the UAE’s capital - has posted impressive growth in the non-oil sectors following a five-fold increase in oil prices.
The manufacturing sector accounted for 11 percent of the emirate’s GDP in 2008, while the real estate and construction sectors contributed 4 percent and 9 percent respectively.
According to Al-Tassan, whose company is developing three smart home technology-equipped towers on Al Reem Island, Abu Dhabi was also looking at alternative energy sources.
“Abu Dhabi is leading the way in looking for alternative energy sources and developing its industrial sector. The emirate has played host to the latest technological trends, such as the recently unveiled ‘The Reem B Robot’, one of the most advanced robots in the world, which has the ability to recognize face, voice and objects, and to map and navigate its environment,” he said.
He added the manufacturing sector was projected to continue to grow as mega projects in heavy and light industries, foodstuff industries and other non-oil manufacturing industries were launched in the emirate.
The industrial boom, coupled with tremendous investment opportunities, will reduce reliance on oil revenue by 10 percent over the next 15 years, he said.
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