ABU DHABI: Abu Dhabi plans to invest $150bn over the next five years to develop its aluminium, steel, and petrochemical industries, the chairman of the emirate's planning and economy department said yesterday.
"These initiatives are targeted at attracting investment and creating greater volume of international trade," Sheikh Hamed bin Zayed al-Nahyan, chairman of the Abu Dhabi planning and economy department said at a conference organised by the Middle East Economic Digest, a London-based weekly.
Abu Dhabi-owned Mubadala Development Company and General Holding Corp will make the investments, some of which have already been announced.
Abu Dhabi National Oil Company (Adnoc) is investing $20bn in an aeromatics polyethylene and polypropylene complex in Ruwais, he said.
The emirate will set up an oil refinery and aluminium smelter in Ruwais and is building a $6bn joint venture with Dubai Aluminium Company in Taweelah, Sheikh Hamed said. Abu Dhabi will also invest in a steel plant.
Abu Dhabi, which has more than 90% of the UAE's oil reserves, is keen to wean its economy off energy exports and lure foreign capital to emulate the success of neighbouring Dubai, the Gulf region's trade and tourism hub.
豫公网安备41010502003434号