07 Nov 2006
Abu Dhabi: Abu Dhabi's Higher Corporation for Special Economic Zones (Zones Corp) will create 11 more zones and attract investments totalling Dh12.4 billion over the next three years, a top official said.
"Investors have already committed Dh3 billion to the Industrial City of Abu Dhabi (ICAD 3), that is part of Zones Corp," said Norman Wing Johnston, Chief Executive, Zones Corp.
"ZonesCorp expects to generate a rental and service charge income of approximately Dh9 billion at current valuation. The Zones will cover a landmass of 85 square kilometres and will directly provide quality residential housing for over 100,000 people," he told a news conference on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) 2006.
Zones Corp was set up in 2004 to boost industrialisation in the capital.
Zones Corp attracted 24 new companies in 2004 and 59 companies in 2005 and in 2005 while this year it has so far attracted over 150 new companies. "We have seen a 200 per cent increase in new investors. Over 230 internationally recognised companies now call these Zones 'home', and represent a major contribution to Abu Dhabi's economic diversification programme," said Johnston.
Some 60 per cent of its staff are UAE nationals, he said.
Last week, Abu Dhabi-based Al Hamid Enterprises, a diversified business group, entered into a $200 million (Dh 734 million) joint venture with the UK's Pilkington Group Limited to manufacture float glass at ICAD-2.
By Stanley Carvalho
Gulf News 2006. All rights reserved.
