Investments of Dh15b committed for ICAD-2
25 January 2007
Investments over Dh15 billion have been committed in 51 industrial projects to be set up in the Industrial City of Abu Dhabi (ICAD-2), which is being developed outside the capital city, said Shaikh Hamed Bin Zayed Al Nahyan, Chairman, Court of Abu Dhabi Crown Prince and Chairman, Zones Corp.
"The construction work is in full swing for the development of ICAD-2, as major infrastructure has been laid out including Roads, sewerage, electricity, cables, gas lines and other amenities," said Shaikh Hamed Bin Zayed Al Nahyan in a statement, issued yesterday.
He said that ICAD-2 is considered to be one of the important projects being executed by the Zonescorp as part of its active role in promoting industrialisation in the country by offering modern infrastructure and lucrative incentives.
"We are encouraging local entrepreneurs to develop national industry in order to expand the industrial production," he said.
Eng. Jaber Al Khalili CEO of Zonescorp said that for ICAD 2, Zonescorp is taking carefully studied measures according to the laid out plan. The industrial city will be ready by the target date and investors would be able to start their projects on time. He added that 20 per cent of investors have already commenced their works, which are continuing in parallel with infrastructure works.
Giving the background of ICAD 2 project, Eng. Al Khalili said construction work which commenced in April last year was expected to be completed by October this year, 18 months ahead of schedule. The massive project covers development of 11 square kilometres, with total 27 kilometres in roads, 21 km of sewerage lines along with drainage lines and gas pipe lines.
Over 33 per cent of infrastructure work is completed with regard to roads, sewerage, rain-waters drainage, irrigation, low voltage electricity, and gas pipelines.
About the cost of ICAD 2, the CEO of the Zonescorp Engineer Jaber Al Khalili said that the cost of infrastructure works is Dh450 million. He said Zonescorp is looking ahead to finishing technical and financial studies of ICAD 3, which will be one of the most important projects to be carried out by the Zonescorp, and will be established in response to the huge demand from local and foreign investors, who are showing interest in booking space in ICAD-3.