The emirate of Abu Dhabi aims to create sustainable industrial growth driven by the ongoing economic boom in line with its strategic plan 2008-2012, officials said yesterday.
Using a windfall from a five-fold increase in oil prices, the UAE's capital has posted growth in non-oil sectors, with the manufacturing sector accounting for 11 per cent of the GDP in 2008.
Elsewhere, the real estate and construction sectors accounted for four and nine per cent, respectively. These figures reflect the efforts being made by the emirate to achieve a diverse economy, in a bid to reduce reliance on oil revenue.
Dr Abdulraman Al Tassan, CEO of Rakaa Properties, said: "Abu Dhabi will be focusing on developing infrastructure projects to cater to the needs of its growing population. The emirate is planning to spend upwards of $200 billion (Dh734bn) on infrastructure projects, as part of Plan Abu Dhabi 2030, amid forecasts of 40 per cent population growth over the next five years to 1.3 million."
He said this projected increase would result in a need for an additional 700,000 residential units over the next two decades, to cater to a population that may reach 3.5 million by 2030. Currently, there is an estimated 180,000-200,000 residential units on the market.
Al Tassan, whose firm is developing smart home technology-equipped towers, said: "Abu Dhabi is leading the way in looking for alternative energy sources and developing its industrial sector.