Abu Dhabi plans to set up a four billion dirham ($1.09 billion), tax-free zone for the energy industry.

The “Oil & Gas City”, to start operations by the end of 2007, seeks to attract offshore firms that offer services such as consulting, financing, project management, and engineering, procurement and construction.
“The availability of human resources, capital and vast opportunities for business expansion in the hydrocarbon industries of the UAE and the rest of the GCC ... will help attract business from cities like Houston and London,” a report quoted Norman Johnston, a project official, as saying.
Johnston, CEO of the Higher Corporation for Specialised Economic Zones, told the newspaper that the city would provide work visas within 24-hours and allow repatriation of capital.
ZonesCorp plans to attract nearly 200-300 oil and gas industry service providers to the oil and gas city in Abu Dhabi which will have a multi-storeyed building involving the private sector to ensure office space at below market rents, besides a convention centre and a marina, said Johnston.
Qatar’s Energy City, envisioned by Gulf Energy, also seeks to attract the industry leaders in oil and gas production, international and national oil companies, support services, infrastructure and downstream activities, shipping and trading, market and resource data, intellectual property and energy trading.