Abu Dhabi to invest Dh600b in local projects
Plans for investments reaching an estimated Dh600 billion over the next five years by authorities of Abu Dhabi for various development projects including the areas of construction and tourism were recently revealed.
The announcement was made by Chairman of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), Salah Salem bin Omair Al Shamsi, at a recent dinner reception prior to the opening of the Arab African Investment, Banking and Business Summit.
The dinner was hosted by the South African Ambassador Dikgang Moopeloa, in Dubai earlier this week, reported Khaleej Times.
According to reports, of the total Dh600b investment, Dh320 billion will go to the construction sector and Dh120 billion for development and expansion of Abu Dhabi's tourism sector. In addition, Dh35 billion will be allotted for power and water projects and Dh80 billion for expanding the oil and gas sector.
Al Shamsi stressed the highly favorable investment climate in the UAE currently, and in Abu Dhabi in particular. He called on investors, especially from South Africa, to take advantage of the profitable situation.