The stimulus package is aimed at future-proofing and diversifying the Arab world's second-largest economy, with demand for its lucrative hydrocarbon exports likely to peak in the next two decades and rising external risks challenging its growth outlook.
Abu Dhabi, the capital of the United Arab Emirates, said it will seek to procure approximately 10 billion dirhams worth of infrastructure projects across a range of sectors under its public-private partnership model. "We believe as a government, and as the leadership in Abu Dhabi, that the private sector is an important partner in this," Al Shorafa added, saying the projects will cast a wide net, focusing on the social, municipal and transportation sectors.
It comes after the International Monetary Fund warned last year that achieving sustainable, private-sector-led growth will require Abu Dhabi to capitalize on new growth drivers that are decoupled from oil prices.