Al Ghariba is largest investment destination in UAE
Region has more than $81bn invested into development projects
The Al Ghariba region has invested $81bn in investment, including $32bn in oil and gas alone.
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Al Ghariba or the Western Region of Abu Dhabi, has become the largest investment destination in the UAE, with more than $81bn invested into development projects there, it was revealed on Friday.
A report in Gulf News said that the investment into the region, which covers 40,000km2 or 60% of the emirate, was part of Abu Dhabi’s Vision 2030 plan. The population in the region amounts to 9% of the total population in Abu Dhabi emirate.
However, the region contributed 44% of the emirate’s total yearly GDP in 2011. It is a hub for diversified projects, including the first nuclear power plant in the Middle East, the biggest solar plant in the world and the largest petrochemicals facility in the world.
It is also the hub for the largest oilfields and refineries in the UAE. The Ruwais refinery alone is planning expansion projects worth $4.35bn.
Investments are consistently growing, the newspaper said, with hundreds of billions being invested in development projects in key sectors such as oil and gas ($32.6bn), power generation ($16.8bn), infrastructure and transportation ($14.7bn) and tourism ($1bn).
