Abu Dhabi ready to spend $100b
Abu Dhabi ready to spend $100b
By Stanley Carvalho, Staff Reporter
Abu Dhabi: Abu Dhabi will push ahead with its economic diversification plans and will invest more than $100 billion (Dh367 billion) over the next four to five years, a top government official said yesterday.
Also, at least 100 new hotels will be built in Abu Dhabi in the next decade, another top official said.
"Over the next four to five years, Abu Dhabi will be investing over $100 billion in several large scale projects. These include a new airport to handle up to 20 million passengers a year, a new world-scale port in Taweelah, the building of new communities at Reem island, Lulu island, Saadiyat island and Raha Beach, Shaikh Hamad Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Department of Economy and Planning, told the Italy-Abu Dhabi Investment and Business Forum.
"Moreover, in the next five years, Abu Dhabi is envisioned to make major investments in its energy and industrial sectors. These include increasing crude production from 2.5 million barrels per day to 3.5 million, the development of refineries, gas processing plants, petrochemical complexes and large-scale heavy industries."
He said Abu Dhabi was seeking to develop new manufacturing, tourist, logistics and service industries in joint ventures with leading global companies.
"We hope that an increasing number of Italian entrepreneurs will become our partners in our endeavour to transform Abu Dhabi into a new major economic power in the region," he said.
About 140 Italian entre-preneurs are part of the delegation for the forum, including top executives of companies such as Ferrari.
Shaikh Hamad stressed that Abu Dhabi was on the threshold of a major econ-omic transformation. "Our strategic intent is to build in partnership with the private sector, a new economy that is open, diversified, innovative, export-oriented, capital- and knowledge-intensive.
"We are actively working on developing an investor-friendly environment by changing investment legislation and streamlining licensing processes."
As a member of the Gulf Cooperation Council and the Greater Arab Free Trade Area, the UAE allows products to reach a market of more than 230 million people with no duties or taxes.
Ahmad Ali Al Sayegh, Chairman of Aldar Properties, said: "About 100 new hotels over the next 10 years will be built in Abu Dhabi at the rate of 10 a year. We are building the infrastructure."
Italy: Stronger bilateral relationship
Bilateral trade and investment between Italy and the UAE are poised to grow with the signing of three key agreements recently, Shaikh Hamed said.
"Trade between the UAE and Italy has been growing at nearly 6 per cent per year over the past few years," he said.
"We have recently concluded an agreement for the avoidance of double taxation, an agreement for protection of investment and an agreement for air transportation," he told the investment forum.
By Stanley Carvalho, Staff Reporter
Abu Dhabi: Abu Dhabi will push ahead with its economic diversification plans and will invest more than $100 billion (Dh367 billion) over the next four to five years, a top government official said yesterday.
Also, at least 100 new hotels will be built in Abu Dhabi in the next decade, another top official said.
"Over the next four to five years, Abu Dhabi will be investing over $100 billion in several large scale projects. These include a new airport to handle up to 20 million passengers a year, a new world-scale port in Taweelah, the building of new communities at Reem island, Lulu island, Saadiyat island and Raha Beach, Shaikh Hamad Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Department of Economy and Planning, told the Italy-Abu Dhabi Investment and Business Forum.
"Moreover, in the next five years, Abu Dhabi is envisioned to make major investments in its energy and industrial sectors. These include increasing crude production from 2.5 million barrels per day to 3.5 million, the development of refineries, gas processing plants, petrochemical complexes and large-scale heavy industries."
He said Abu Dhabi was seeking to develop new manufacturing, tourist, logistics and service industries in joint ventures with leading global companies.
"We hope that an increasing number of Italian entrepreneurs will become our partners in our endeavour to transform Abu Dhabi into a new major economic power in the region," he said.
About 140 Italian entre-preneurs are part of the delegation for the forum, including top executives of companies such as Ferrari.
Shaikh Hamad stressed that Abu Dhabi was on the threshold of a major econ-omic transformation. "Our strategic intent is to build in partnership with the private sector, a new economy that is open, diversified, innovative, export-oriented, capital- and knowledge-intensive.
"We are actively working on developing an investor-friendly environment by changing investment legislation and streamlining licensing processes."
As a member of the Gulf Cooperation Council and the Greater Arab Free Trade Area, the UAE allows products to reach a market of more than 230 million people with no duties or taxes.
Ahmad Ali Al Sayegh, Chairman of Aldar Properties, said: "About 100 new hotels over the next 10 years will be built in Abu Dhabi at the rate of 10 a year. We are building the infrastructure."
Italy: Stronger bilateral relationship
Bilateral trade and investment between Italy and the UAE are poised to grow with the signing of three key agreements recently, Shaikh Hamed said.
"Trade between the UAE and Italy has been growing at nearly 6 per cent per year over the past few years," he said.
"We have recently concluded an agreement for the avoidance of double taxation, an agreement for protection of investment and an agreement for air transportation," he told the investment forum.
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