By Xinhua
Abu Dhabi : Abu Dhabi, the largest constituent of the United Arab Emirates (UAE), will invest some $28 billion to develop its airports, sea port infrastructure and oil and gas output, the Khaleej Times reported Monday.
The figure was revealed by Nasser Al Sowaidi, chairman of Abu Dhabi Economic Department, in a speech at the Abu Dhabi Economic Forum, which opened Sunday.
“In the next few years, billions of dollars are projected to be pumped into the economy and currently over 10 billion dollars is being injected into infrastructure projects including the expansion of Abu Dhabi International Airport, The UAE University and Khalifa Port and Industrial Zone,” he said.
In addition, some $18 billion will be invested in enhancing the emirate’s refining capacity, besides expansion in oil producing and distribution projects, he said, adding: “we seek to establish Abu Dhabi as a gateway to the region and the world at the economic and trade sectors”.
Spread over 87,340 square km, Abu Dhabi is the largest of the seven emirates which make up the United Arab Emirates and accounts for more than 85 percent of the country’s total landmass.
The emirate, which is the main producer of oil and gas in the UAE, has an estimated 9.2 percent of the world’s proven oil reserves and four percent of its total proven natural gas reserves.