At present, Abu Dhabi is focusing on mega-project development, and it has started the process of eliminating the oil sands off its land. Additionally, being concerned about the environment, Abu Dhabi's UAE authorities are also working to improve the trade and commerce sectors and other businesses. These new initiatives are expected to improve the economy. In addition to the listed projects, The government has also implemented a range of laws designed to strengthen the country's livability for foreign investment.
One of these 50 projects is designed to accelerate the growth of the UAE by diversifying the economy, enhancing the public sector, and creating better prospects for future generations. One of the initial projects of the 50 is the modernization of the residency and entry system along with visas and work permits. This will help make the UAE a desirable investment destination. The second initiative could be greenfield, developed through the National Research and Development Authority (NDA), a non-profit organization that offers assistance and advice to local businesses.
The third project, known as the Abu Dhabi Port Company's Industrial Zone, is a flourishing industrial zone with estimated values at $6 billion. This UAE Government has invested significant investment in the utility sector, which is expected to help develop the industry. The government says that the industrial zone will draw businesses from six markets worldwide, which is a significant improvement for the country's economy. Numerous other projects are currently being planned, which shows the country's ability to welcome foreign firms.
The UAE industrial policy program is a long-term plan under the Ministry of Industry and Advanced Technology direction. This program seeks to reduce the dependence of the UAE on imports in critical industries and boost the production output. The UAE is determined to promote and implement the latest technologies and solutions from the Fourth Industrial Revolution. It will also encourage multinational companies to make R&D investments and provide new employment opportunities. Many elements will determine the success of these mega-projects.
In addition to being a significant hub globally and a central hub for commerce, the UAE is also home to a thriving workforce. Furthermore, the UAE has an environment that is conducive to business and government-approved programs. Its Economic Agreements Program aims to bring in business from six international markets. It is a broad initiative that has a precise timetable. The initial section of the Industrial Zone is already underway and will encompass an area of 22 sq km. It will also contain 360 square kilometers of land and provide affordable financing options.
Based on the research of the United Nations, there was $2.72 billion worth of contracts signed between June of 2020. The UAE was ranked third in terms of the value of contracts concluded in June, which was $461 million. ADNOC Onshore, the majority-owned oil and gas firm completed the most significant contract within the UAE in June, worth $103 million. Additionally, the considerable developers seek new loans to fund new construction projects, which could help inject much-needed liquidity into the construction industry.
In addition to the industrial sector and the industrial sector, the UAE government has also launched three initiatives to diversify its economy. The first plan, known as the 10x10 program, is a place of choice for businesses from abroad. It will serve as the nation's principal gateway and house 120,000 people living in 60-story residential towers. The construction is expected to cost $14.7 billion. A new period of peace and prosperity is already underway with the UAE.
The UAE is an essential motor for the world economy. Even with the fall in the price of oil and the economic growth of the UAE remains relatively strong. In May 2020, there was $3.1 trillion worth of announcements for construction within the GCC. The UAE was responsible for 55 percent of the total amount of projects announced in the GCC. The UAE's efforts will benefit local suppliers. The main goal is to decrease dependence on imports.
May 2020, May 2020, the UAE government is set to announce several new projects that will cost $3.1 billion. One of them will be the program for industrial policies. The UAE will lessen its dependence on imports in critical sectors. In addition, advancing the industry sector can aid in national development and increase production. In addition, government officials from the UAE authorities encourage foreign firms to establish their operations in the UAE. This will act as the primary factor in attracting foreign investment.
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