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2018-06-06 11:45:00

ABU DHABI INVESTMENT: $13.6 BLN

ABU DHABI INVESTMENT: $13.6 BLN

BLOOMBERG- Abu Dhabi plans to spend $13.6 billion over three years and allow freezone-based companies to take part in government tenders as the oil-rich emirate seeks to stimulate the economy.

The government will take steps to support new industries, encourage tourism and make it easier to do business, Crown Prince Mohammed Bin Zayed Al Nayhan said. Officials have been instructed to "draw up a working plan for allocations within 90 days," he said. Abu Dhabi stocks gained 1 percent at the open on Wednesday.

Gulf Arab nations are stepping up efforts to shift their economies away from dependence on oil and gas income, by encouraging new industries and attracting foreign investment. The past year's rebound in crude prices, which climbed back above $70 a barrel, has allowed them more room for spending. Saudi Arabia, the biggest Arab economy and world's largest oil exporter, also announced a plan to revive growth.

"Higher oil prices are allowing Abu Dhabi to increase spending and boost growth, reversing some of the tightening measures taken in recent years," said Ziad Daoud, the chief Middle East economist for Bloomberg Economics. "The emirate does have plenty of space to do this without risking fiscal sustainability or the currency peg."

Abu Dhabi holds about 6 percent of global oil reserves. The emirate's non-oil economy has slowed following the plunge in crude prices, as authorities sought to shore up public finances. Non-oil gross domestic product expanded 1.8 percent in 2017 compared with 2.4 percent in the previous year and 5.5 percent in 2015, according to official data.

The government has also merged some of its biggest banks, wealth funds as well as oil companies.

Freezone Companies

The stimulus program envisages the creation of at least 10,000 jobs for Emiratis in the public and private sectors over five years. Nationals make up about 20 percent of Abu Dhabi's 2.9 million population and the emirate's GDP was at about $230 billion in 2017.

A council for advanced industries will be created "to attract and support value-added investments," while the settlement of outstanding payments due to private contractors will be accelerated, according to state-run WAM news agency. The crown prince also ordered the issuance of dual licenses for companies in freezones to enable them to participate in government tenders.

Abu Dhabi's stimulus plan follows the announcement last month of a package of measures by Dubai's ruler and the prime minister of the United Arab Emirates, Sheikh Mohammed Bin Rashid. Abu Dhabi and Dubai are the largest of the seven emirates that make up the U.A.E.

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Earlier:

 W.Asia
2018, May, 30, 13:50:00

OPEC: CONFORMITY LEVEL 152%

OPEC - The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.

 W.Asia
2018, May, 23, 10:05:00

ARABIAN OIL FOR INDIA

AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.

 W.Asia
2018, May, 14, 11:00:00

ADNOC INVESTMENT PLAN: $45 BLN

AOG - The Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest $45bn alongside partners, over the next five years, to become a leading global downstream player.

 W.Asia
2018, March, 28, 10:35:00

UAE - S.KOREA'S NUCLEAR

WNN - President Moon Jae-in of South Korea and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan attended a ceremony to celebrate the completion of construction at the United Arab Emirates' first nuclear power reactor.

 W.Asia
2018, March, 23, 08:00:00

ADNOC - CNPC AGREEMENT: $1.175 BLN

AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).

 W.Asia
2018, March, 21, 12:05:00

ADNOC - TOTAL AGREEMENT: $1.45 BLN

AOG - Total contributed a participation fee of $1.15bn to enter the Umm Shaif and Nasr concession and a fee of $300mn to enter the Lower Zakum concession. Both concessions are operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.

 W.Asia
2018, February, 16, 23:20:00

ADNOC INVESTMENT $109 BLN

AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV contribution and strengthening its relationship with the UAE’s private sector.

 

 

 

Tags: UAE, ABU, DHABI, INVESTMENT