ABU DHABI - While banks’ liquidity in the Gulf region has been affected by the global credit crisis and the region’s central banks have launched measures to shore up confidence. The crisis has placed Abu Dhabi in an ideal situation, where it can use its surplus cash for launching projects.
“With the global crisis taking its toll on different countries differently, the spike in the prices of construction material and other market conditions are favourable for Abu Dhabi for launching mega oil and gas, real estate and infrastructure projects,” said Salah Salam bin Omeir Al Shamsi, Chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI), speaking at Abu Dhabi Conference 2008, here.
He said that when the world is facing uncertainty and utter confusion as to how to run economies, only Abu Dhabi has financial means, as well as a clear economic agenda to push ahead and take advantage of the situation.
Until last year, Al Shamsi said the major problems facing the economic planners were non-availability of workforce; cost of raw materials was uneconomical, due to which many projects conceived were held back.
Now situation is reversed by the financial crisis, as world- wide many projects would be cancelled, so Abu Dhabi should heavily spend on building its infrastructure and augment its economic growth at right prices, he said.
ADCCI chief said that financial crisis will help ease inflationary situation prevailing in the UAE, a shift which should be used to nation’s advantage.
Engr. Jaber Al Khaili CEO of Zones Corp said that over Dh30 billion have been invested in the Industrial cities ICAD-I, II and Industry City of Al Ain.
He said that the development of infrastructure for the ICAD-III is in final phase, while government is planning an industrial city in the western region. Industrial cities in Abu Dhabi have accommodation facilities for 40,000 workers, which will be increased to 400,000 workers by the end of next year.