Abu Dhabi seeks more FDI

Abu Dhabi, the largest and wealthiest emirate in the UAE federation, has said it wants to attract more foreign direct investment (FDI) and lift non-oil exports to boost their contribution to the emirate's GDP, a senior official said.
Mohammed Omar Abdullah, under-secretary at the department of economic development, said Abu Dhabi was targeting foreign direct investment (FDI) of 23 per cent of GDP by 2030.

FDI currently accounts for 14 per cent of the emirate's GDP.

"Growth has to be driven by non-oil exports to reduce GDP volatility through diversification and this will see Abu Dhabi (become) an attractive investment destination," he said at a conference organised by London-based Meed.

RWI wins Yas contract
Rubber World Industries (RWI) has bagged an insulation contract for Yas Island, a 25 sq km world-class leisure and tourist destination in Abu Dhabi being created by Aldar Properties.

The agreement involves the delivery of high-quality rubber products, which will ensure efficient insulation across the entire development.

Metito acknowledged as leader
Frost & Sullivan has honoured Metito with the 2009 Market Leadership Award in the Middle East Water and Wastewater Treatment Market.

Fady Juez, managing director of Metito, reacted: "This is proof of our commitment to be the best at what we do." Metito specialises in the design and supply of municipal and industrial water, wastewater treatment and water desalination systems. It also manufactures a wide range of proprietary chemicals used in the water industry.

DI extension completed
Dubai Industrial City (DI), the dedicated light and medium manufacturing destination and member of Tecom Investments, has completed construction work on the extension to its first labour village.

The labour village features 26 buildings that can accommodate up to 14,000 residents and was planned and designed based on an extensive market and field research that elicited the feedback of over 10,000 workers.

The village is one of several labour villages planned to meet demand from companies operating out of DI as well as firms with operations in Dubai and Abu Dhabi.