Assessment of ADPIC units for privatisation under way
ABU DHABI - Industrial and manufacturing units under Abu Dhabi Public Industrial Corporation (ADPIC) will soon be ready for privatisation after the completion of evaluation and assessment process under way by HSBC experts.
Salim Mohammed Al Dahiri, Under-Secretary, Economic Department, Member of Industrial Committee supervising the newly developed Industrial Cities, said: "The Abu Dhabi Government has taken a bold move to implement privatisation in the industrial sector to allow more investment opportunities for the private investor and improve the quality of services."
"The HSBC experts have almost completed the evaluation process and we shall decide on the date of implementation once we receive the final recommendations."
He said: "We expect to launch the privatisation process before the end of this year. However, we are yet to discuss whether we need some strategic partners or we shall go for launching public or small corporations." "The tendency is to go for an IPO to allow investment opportunities for a larger number of public and small investors in the future," he said.
"The ultimate objective is to open up investment opportunities for a large number of our people to participate in the development of the economy."
"I guess it is very essential to involve the private sector and the small investors in such strategic projects."
"The authorities have studied the benefits to privatisation if the implementation is timely and appropriate," said Al Dahiri.
"The Economic Department is now fully engaged in initiating a number of investment projects to be launched in a row after the completion of their viability study which is being conducted by internationally renowned financial and consulting firms."
"We are also working on improving the investment and economic legislation and regulations to encourage more foreign investors and to build more confidence in our products."
"The new legislations are expected to suit not only the ambitions of the regional investors but are expected to be in line with the latest World Trade Organisation (WTO) guidelines."
"The authorities are now focusing on the development of industrial and manufacturing projects and in particularly the development of the newly established Gas and Oil Center."
He said: "The industrial cities recently established have attracted huge amount of investments so far with more than Dh6 billion injected in new projects and more than 96 per cent of its spacious land already occupied.
"We are now seriously planning to establish Al Ain Industrial City to be an addition to the other Industrial Cities in Abu Dhabi."