Abu Dhabi allocates $4.3bn for new projects
Abu Dhabi, September 26, 2013
Abu Dhabi's government has approved 15.8 billion dirhams ($4.3 billion) worth of spending on infrastructure and social welfare projects, an official statement said.
The wealthiest emirate in the United Arab Emirates is investing billions of dollars in industry, tourism and infrastructure to diversify its economy away from oil. Since the 2011 uprisings in the Arab world, it has also boosted spending on housing and social services for its citizens.
Among the latest spending allocations are 7.4 billion dirhams to develop roads linking the city of Abu Dhabi with Saudi Arabia and Dubai. A total of 4.3 billion dirhams will go towards building a hospital in the city of Al Ain.
Other allocations are to develop the emirate's electricity grid and waste water treatment facilities, and 3.1 billion dirhams to provide housing loans to 1,554 local citizens. - Reuters