Abu Dhabi makes pitch to private sector in multi-billion dollar investment drive

CNBC The Abu Dhabi Government is turning to the private sector for the next phase of its multi-year, 50 billion dirham ($13.6 billion) economic stimulus plan known as Ghadan 21. The stimulus package is aimed at future-proofing and diversifying the Arab world’s second-largest economy, with demand for its lucrative hydrocarbon exports likely to peak in the next two decades and rising external risks challenging its growth outlook. “It’s important to bring in the private sector,” Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, told CNBC’s “Capital Connection” in an exclusive interview on Wednesday. Abu Dhabi, the capital of the United Arab Emirates, said it will seek to procure approximately 10 billion dirhams worth of infrastructure projects across a range of sectors under its public-private partnership model. The model also aims to provide the private sector with more certainty and transparency around the development and procurement of[Read More...]

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