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Abu Dhabi's Executive Council has approved the allocation of AED17.5 billion ($4.76 billion) for government capital projects in 2016.

The spending plan, which aims to "invest all efforts to support the citizens’ stability and decent life requirements", includes AED5.9 billion for housing.

It also includes AED4.3 billion for infrastructure, AED1.8 billion for education, in addition to AED614 million for governmental facilities, and AED644 million for social facilities, news agency WAM reported.

"This decision supports Abu Dhabi’s efforts to implement comprehensive plans aiming at promoting the work system in all governmental sectors in the emirate and to perform a leading role in achieving excellence, supporting thus the fulfillment of the objectives and goals set in the Abu Dhabi Vision 2030," read a statement cited by WAM.

The Executive Council, chaired by Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, also agreed to award contracts for infrastructure works in the "Emirati Neighbourhood" project, located in Madinat Zayed.

The project is divided into three contracts including infrastructure work, roads and trails networks, in addition to 2,755 of residential land plots, 37 mosques, 47 gardens and 13 schools for all education stages.

The project is valued at AED2.36 billion and will service 370,000 citizens in a 4,500 hectares residential compound.

Other approvals include a project to build a 50km two-way road linking Madinat Zayed to Al Marfa’ City at a cost of around AED664 million, part of efforts to develop infrastructure in the Western Region.

The Council also reviewed the implementation stages of the National Housing Development Project in Jebel Hafeet in Al Ain which includes 3,000 housing units, 8 mosques and other community facilities.

 

 

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FinanceAsia toasted the best banks and financial institutions in the region at our annual Country Awards dinner, held this year at the Ritz-Carlton in Hong Kong on August 27.

 

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