Major Economic Transformation in Abu Dhabi
- 1 November 2007
His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy of the Supreme Commander of the UAE Armed Forces, has affirmed that that the Emirate of Abu Dhabi is currently undergoing large-scale economic transformation, which is based on an ambitious vision to open up the economy and make it more interactive with the global economy.
His Highness made the statement at the launch of the Second Industrial City of Abu Dhabi (ICAD 2). He called for the investment of intrinsic resources of the local economy through well-planned policies and programs for the launch of quality initiatives that guarantee constant growth and economic expansion at a continuous and steady pace in the coming period.
In fact, ICAD 2 is seen as a qualitative jump in the development process of the UAE’s economy, which is apparent from the special nature of this city, and the role planned for it. The city is divided into 101 blocks that are meant for raising specialized industrial sectors, supported by state-of-the-art infrastructure and services. About 45% of the available area of has been built already, while the remaining 55% of the tract has been either leased or reserved for the construction of world class projects. The size of investment in ICAD 2 amounts to Dh9 billion, both in capital and operating assets. This suggests a strong contribution to the economy of Abu Dhabi. The area of ICAD2 is spread across 10 sq. kilometers and is located in Musaffah, about 30 kilometres away from Abu Dhabi.
The opening of the new industrial city is a result of the wise policy of the President, His Highness Sheik Khalifa bin Zayed Al Nahyan (may Allah protect him) for promoting the national economy and enhancing it with additional features that match the aspirations of the young state and contribute to the march of economic development and the construction boom. This progress is confirmed by the official statistics of different institutes that reveal that the economy of Abu Dhabi has witnessed a substantial increase in the present year in the size of fixed investments. The total investment over the last 6 years has risen 400%, as the net investment from 2001 to 2006 is reported to be about Dh295 billion. This clearly indicates the strength of the economy of the Emirate of Abu Dhabi and its capability to mange investments, as well as to attract local, Arab and foreign capital and companies. The U.A.E has carried out an exceptional feat of comprehensive development that seeks intensification in the efforts to strengthen the economic and industrial environment based on firm pillars. The purpose is to make the UAE a center of attraction for all kinds of investments due to its strategic position that enables it to assume a leading position in the realm of economic growth.