Tuesday 21 May 2024

Masdar City

Masdar City plans $1bn investment in critical sectors

ABU DHABI, April 17, 2024

Masdar City has revealed that there are projects under the design phase with an investment cost ranging between AED3 billion and AED4 billion ($817 million and $1.09 billion) that target critical sectors like energy, artificial intelligence, space, life sciences, and agriculture, a report said.

Masdar City CEO Ahmed Baghoum told Emirates News Agency (WAM) on the sidelines of the first day of the World Future Energy Summit, hosted by Abu Dhabi Future Energy Company (Masdar), that the total value of projects currently under construction at the City is estimated at around AED1 billion, including the Masdar City Complex and ‘The Link’, scheduled for completion in mid-2025.

He stressed that Masdar City is currently focusing on vital sectors including energy, AI, space, the life sciences and agriculture, noting that all of these areas are important for the emirate of Abu Dhabi in particular and the UAE in general, where “we are working to support and focus on them by attracting talent and partners.”

He noted that there are discussions with foreign companies to relocate and establish their research centres in Masdar City.

“Masdar City is a world-class business and technology hub, operating at the highest international standards. It offers companies a compelling package of advantages and incentives, including full foreign ownership, exemption from income tax, and unrestricted currency exchange,” he explained.



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