ID :
11235
Tue, 07/01/2008 - 16:31
Auther :
Shortlink :
https://oananews.org//node/11235
The shortlink copeid
Abu Dhabi to invest US$200 billion in infrastructure projects by 2030
Abu Dhabi, July 1, 2008 (WAM) - In line with its strategic plan (2008-2012), the emirate of Abu Dhabi is aiming to create sustainable industrial growth driven by the ongoing economic boom.
Utilising the windfall from a five-fold increase in oil prices, the UAE's
capital has posted an impressive growth in non-oil sectors, with the
manufacturing sector accounting for 11 percent of the GDP in 2008, while the
real estate and construction sectors accounted for 4 and 9 percent,
respectively. These figures reflect the serious efforts being made by the
emirate to achieve diverse economy, in a bid to reduce reliance on oil
revenue.
CEO of RAKAA Properties Dr Abdulrahman Al-Tassan, said, "Abu Dhabi will be
focusing on developing infrastructure projects to cater to the needs of its
growing population. The emirate is planning to spend upwards of US$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 added that this projected increase will result in 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
estimated 180-200,000 residential units in the market.
Al Tassan, whose company is developing three smart home technology-equipped
towers on Al Reem Island, continued, "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 recognise face, voice and objects, and to
map and navigate its environment." The manufacturing sector, which accounted
for 11 percent of Abu Dhabi's total GDP in 2008, is projected to continue to
grow as mega projects in heavy and light industries, foodstuff industries
and other non-oil manufacturing industries are launched in the emirate. The
industrial boom, coupled with tremendous investment opportunities, will
reduce reliance on oil revenue by 10 percent over 15 years.
Utilising the windfall from a five-fold increase in oil prices, the UAE's
capital has posted an impressive growth in non-oil sectors, with the
manufacturing sector accounting for 11 percent of the GDP in 2008, while the
real estate and construction sectors accounted for 4 and 9 percent,
respectively. These figures reflect the serious efforts being made by the
emirate to achieve diverse economy, in a bid to reduce reliance on oil
revenue.
CEO of RAKAA Properties Dr Abdulrahman Al-Tassan, said, "Abu Dhabi will be
focusing on developing infrastructure projects to cater to the needs of its
growing population. The emirate is planning to spend upwards of US$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 added that this projected increase will result in 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
estimated 180-200,000 residential units in the market.
Al Tassan, whose company is developing three smart home technology-equipped
towers on Al Reem Island, continued, "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 recognise face, voice and objects, and to
map and navigate its environment." The manufacturing sector, which accounted
for 11 percent of Abu Dhabi's total GDP in 2008, is projected to continue to
grow as mega projects in heavy and light industries, foodstuff industries
and other non-oil manufacturing industries are launched in the emirate. The
industrial boom, coupled with tremendous investment opportunities, will
reduce reliance on oil revenue by 10 percent over 15 years.
