ZonesCorp attracts US$6b in investments

posted on 16/11/2011: 77 views

Abu Dhabi's industrial development body has attracted US$6 billion in investments since its launch but future growth hinges on a recovery in the global economy, its top official said on Tuesday.

The Higher Corporation for Specialised Economic Zones (ZonesCorp) was set up in 2004 to create industrial clusters in the capital of the UAE.

Since then, ZonesCorp has set up three industrial cities in Abu Dhabi and two in Al Ain.

"Investments in all the industrial cities of Abu Dhabi and Al Ain are now about US$6 billion but future expansion or attracting investments depend on the market situation,” chief executive Mohammed al Qamzi told Reuters on the sidelines of a MEED conference in the UAE capital.

"It is very slow because the markets (globally) are not good and here the private sector is the driver,” he said.

Over 600 establishments are operational in the industrial cities that include steel and glass manufacturing, construction materials, chemicals to oil and gas and processing factories.

ZonesCorp has spent 3.5 billion dirhams on infrastructure at these cities covering an area of 39 square kilometres, he said.

Two more industrial cities are due to be announced by ZonesCorp, one an auto city and the other a logistics hub, he said without specifying a timeline.

Abu Dhabi is spending billions of dollars on industry, tourism, infrastructure and real estate to diversify its economy away from oil. - Reuters

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