Huge investment will provide “quantum leap” for Abu Dhabi

Huge investment will provide “quantum leap” for Abu Dhabi


Plans have been unveiled for a massive investment in construction work across Abu Dhabi.

The projects – costing an estimated $100bn – will include new housing, schools and transport “making a quantum leap in the infrastructure of Abu Dhabi” according to Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, who has compiled a report into the plans.

The  study also coincides with the resumption of a number of projects stalled in the wake of the financial crisis.

Al Raqbani said: “These projects will emphasis the economic competitiveness of the emirate, empower the role of the private sector and sustain the local economy’s growth in a manner that will lead to accomplishing the objectives of the economic vision 2030.”

About 22,000 new homes were completed in Abu Dhabi in the last three months of 2013 with another 22,000 expected to be handed over this year, according to Jones Lang LaSalle, property consultant.

The firm also estimates another 825,000m2 of office space will be delivered by 2015 with companies such as Abu Dhabi Islamic Bank, Finance House and Siemens set to occupy new office blocks.

Construction firm Arabtec has set up a property development arm to work on the new projects.

Among the plans set to get underway are the Sheikh Zayed housing development , a 131km metro system, a railway links Abu Dhabi with Dubai, an airport extension and new roads.

The report also highlighted the important role of forthcoming projects such as Sheikh Zayed National Museum and Louvre Abu Dhabi in cementing the emirate’s cultural footprint.

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