Abu Dhabi is taking advantage of its surging petrodollars and massive overseas assets to restart some of the shelved projects that were estimated at nearly $30 billion last year, according to Saudi Arabia’s largest bank.
A large part of the projects involve construction, roads and the planned metro, which is believed to have received around Dh26 billion, National Commercial Bank (NCB) said in its latest GCC economic review.
“The increased spending will be supported by rising revenues. Abu Dhabi oil production rose to an average of 2.5 mbd in 2011, up from 2.2 mbd in 2009 and 2.34 mbd in 2010,” the report said.
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