Dh4b Oil & Gas City to be established in ICAD
ZonesCorp, Abu Dhabi's Higher Corporation for Specialized Economic Zones, will reportedly launch a specialized Oil & Gas City economic cluster in the Industrial City of Abu Dhabi (ICAD) at some point in the near future.
The new city will offer privileges to foreign companies to establish regional offices in ICAD. The project's cost is estimated at some of Dh4 billion, according to Khaleej Times.
"The Oil & Gas City, part of government initiative to create specialized economic zones in Abu Dhabi's industrial city and Al Ain," said ZonesCorp's Chief Executive Officer, Norman Johnston, "will attract offshore companies specializing in industry-specific services, consultancies, finance, Engineering Procurement and Construction (EPC), project management and human resource development, besides others to operate from a tax-free zone with relaxed rules and regulations."
Firms operating out of the zone will be issued work visas within 24-hours without having to provide deposits or guarantee fee as well as repatriation of capital, while provision of utilities will fall under one window.
Businesses from the US city of Houston, Texas, a major center for energy industries in the United States along with those in London are expected to take interest in establishing regional offices in the new zone.
The wide availability of human resources, capital and opportunity for business expansion in the hydrocarbon industries of the UAE and the GCC are considered important drawing points for such firms.