Abu Dhabi will spend up to $150 billion over the next five years on developing new industrial projects as part of the emirate’s plan to diversify its economy, a senior government official said.

The investments will be required to develop the emirate’s aluminum, steel and petrochemicals industries and come on top of $20 billion to be invested in projects already under way, the chairman of the Abu Dhabi Department of Planning and Economy Sheikh Hamed bin Zayed Al Nahyan said.
Arabian Gulf countries, flush with cash after three years of high oil prices, are using their funds to expand and build up their infrastructure and to diversify their economies.
Abu Dhabi will invest in two aluminum projects, one to be developed in Taweelah by state-owned investment firm Mubadala in partnership with Dubai Aluminium Co, or Dubal, Hamed said.
The other project, to be located in Ruwais, will be implemented by General Holding Co of Abu Dhabi with Rio Tinto PLC (RTP).
“These two smelters in combination with Dubal’s existing smelter in Dubai will represent over 10 per cent of the world’s aluminum manufacturing capacity and position the UAE as a major player in this industry,” Hamed said.
Hamed said that plans were also under way by GHC to build a large-scale steel plant in Mussafah, an industrial zone.
Plans are also progressing by Adnoc to build new petrochemicals and aromatics complexes in Ruwais.