Business | General
Abu Dhabi industrial cities to get Dh30b investment
The three industrial cities of Abu Dhabi - ICAD-I, ICAD-II and ICAD-III - are likely to cumulatively attract investment exceeding Dh30 billion by 2009, the chief executive of ZonesCorp said on Sunday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:27 February 3, 2008
Abu Dhabi: The three industrial cities of Abu Dhabi - ICAD-I, ICAD-II and ICAD-III - are likely to cumulatively attract investment exceeding Dh30 billion by 2009, the chief executive of ZonesCorp said on Sunday.
"Investments in ICAD-I and II together have exceeded Dh20 billion. We expect ICAD-III also to attract above Dh10 billion. It's on its way to get completed this year," Jaber Hareb Al Khaili, told Gulf News on the sidelines of the Abu Dhabi Economic Forum.
Al Khaili said in the three industrial cities, the plots awarded by ZonesCorp will exceed 500 in number. "We are talking about 250 factories and some factories take more than one plot," he said.
Establishment
Al Khaili said ICAD-I is now more than 50 per cent up and running, while the remainder is under construction and licensing. He said, regarding ICAD-II, more than 40 per cent is currently under construction and by the end of this year more than 50 per cent should be up and running.
"ICAD-III is now under construction. We are leasing the plots to investors who will have to obtain licences and start their construction," said Al Khaili.
Of the industries preferred by Abu Dhabi in the industrial cities, Al Khaili said ZonesCorp is looking at establishment of services and light industries related to the oil and natural gas sector and petrochemicals industry.
ZonesCorp was established with a Dh1 billion, 10-year closed-end fund. This fund will be used to build infrastructure projects as part of efforts to attract local and foreign businesses to Abu Dhabi.
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