Business | Investment
Abu Dhabi investing $270b in growth
The government of Abu Dhabi is investing over $270 billion (Dh990.9 billion) in projects in the city of Abu Dhabi, a top executive of the Abu Dhabi Airports Company (ADAC) said on Tuesday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:15 November 25, 2008
Abu Dhabi: The government of Abu Dhabi is investing over $270 billion (Dh990.9 billion) in projects in the city of Abu Dhabi, a top executive of the Abu Dhabi Airports Company (ADAC) said on Tuesday.
ADAC Vice President Dan Cappell told industry delegates at the Middle East Duty Free conference in the capital that over $100 billion is being used in Abu Dhabi's transport infrastructure. The money will be invested over the next five years.
He added that Abu Dhabi's anticipated tour-ism boom from $1 million in 2004 to $5 million in 2015 is "supported with $10 billion investment in hotels over the next 10 years, adding over 17,000 rooms."
Cappell said Abu Dhabi's focus is on luxury five star hotel facilities.
"Abu Dhabi will continue to invest for the future development of our country. We (ADAC) are in the midst of a $7 billion development programme for the new midfield terminal complex and overall airport development," said Cappell.
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