DUBAI - Abu Dhabi will spend $1 trillion on roads, transport and other infrastructure projects as part of its long-term development plans, UAE daily the National reported on Tuesday, citing officials.
The oil-rich emirate will use its $40 billion spending on hotels, buildings and infrastructure on Yas Island, the venue of the just-concluded Formula One Grand Prix, as "a template for future projects," the newspaper said.
"Abu Dhabi is gearing up to spend as much as 25 times the amount committed to Yas Island," the newspaper said, without providing a direct quote from an official about the $1 trillion figure.
The report said the spending spree will help the emirate diversify its economy away from dependence on oil exports.
"This will lead to extraordinary demand for building materials and technological innovations, thus boosting the economy further," Sultan bin Saeed al-Mansouri, the UAE Minister of Economy, was quoted as saying.
The Gulf state's Plan Abu Dhabi 2030 aims to make it a major global city in the next 20 years.