Abu Dhabi Crown Prince approves $5bn Ghadan 21 plan

The development programme will support real estate, renewable energy, and infrastructure projects, among others 2019 onwards

New housing projects will be launched under the Tomorrow 2021 development plan [representational image].
New housing projects will be launched under the Tomorrow 2021 development plan [representational image].

Abu Dhabi has launched a multi-billion dollar development plan called Ghadan 21 that will boost real estate, renewable energy, and infrastructure projects in the UAE capital.

The $5.4bn (AED20bn) development strategy was approved by HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces on 16 September.

From 2019, Abu Dhabi will begin to pump billions of dollars into a three-year economic roadmap to "enhance the competitiveness" of the emirate, HH Mohamed bin Zayed said.

READ: Industry reacts to UAE's 'game-changing' economic reforms

Phase 1 features 50 initiatives across four areas, including business and investment, society, knowledge and innovation, and lifestyle.

For the business sector Abu Dhabi will create "competitive work environments" and simulate industry projects, specifically those in the renewable energy space to support plans to generate half of the UAE's power from clean sources by 2050.

Under the tenet of society, the emirate will launch housing projects, provide affordable education, and create a social welfare system.

Attempts to attract tech talent to Abu Dhabi will also be made to support research, development, and innovation in the emirate.

Infrastructure improvements across transport, communications, and urban development will be launched under the plan. Recreational and sporting initiatives will also be rolled out.

Ghadan 21, also called Tomorrow 2021, follows the sweeping economic and legislative reforms announced by the UAE earlier this year.

Under the latest round of changes, expats will now be allowed to retire in the UAE if they have property investments worth $544,510 (AED2m); have savings of $272,255 (AED1m); or generate $5,445 (AED20,000) in monthly income.

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